Apple will offer buy now, pay later option with Affirm

Apple users will be able to choose buy now, pay later loans from Affirm as part of an update to Apple’s operating system later this year, Apple said on Tuesday as part of a series of updates announced.

The Affirm usage feature will be available to users in the US when they use Apple Pay as part of updates that will be included in iOS 18 coming in the fall.

“This provides users with additional payment options and offers the ease, convenience and security of Apple Pay along with the features users love about Affirm – flexibility, transparency and no late or hidden fees,” Affirm said in a statement. email statement to CNBC.

The additional option for Apple Pay users comes after the Consumer Financial Protection Bureau (CFPB) decided in May to classify Affirm and other popular “buy now, pay later” apps as credit cards, in a move that would add protection to client for users.

The service from Affirm and other companies, including Klarna and PayPal, allows consumers to pay for products in interest-free installments.

At the time of the CFPB’s announcement, Affirm said it was “encouraged” by the move to promote “consistent industry standards.”

Klarna, however, said it was “disconcerting that the CFPB does not recognize the fundamental differences between [buy now, pay later] and credit cards.”

The Apple Pay update is part of a series of updates to new operating systems for iPhone, iPad and Mac devices announced during the company’s annual developer conference.

The company also announced a notable partnership with OpenAI to integrate ChatGPT into Apple devices, as well as updates to Apple’s own artificial intelligence (AI) capabilities through Apple Intelligence and advances in Siri.

This story originally appeared on thehill.com read the full story