From partnership to acquisition, the Buy Now Pay Later revolution shows few signs, if any, of abating any time soon.
Apple, one of the Big Tech companies that has been aggressive in its expansion into fintech and financial services, recently announced that it is teaming up with BNPL company Affirm Holdings to offer new, interest-free financing options for qualifying Apple customers in Canada. The new program enables consumers to finance iPhone purchases over a 24-month period and iPad and Mac purchases over a 12-month period, both with 0% APR.
The new initiative comes a month after Apple announced that it was teaming up with Goldman Sachs to help introduce its own Buy Now Pay Later service – ostensibly to rival companies like the aforementioned Affirm. The offering will reportedly be called Apple Pay Later.
And filed in the “if you can’t beat ’em, buy ’em” folder is the news from London, U.K.-based Buy Now Pay Later company Zilch. The firm agreed this week to acquire San Francisco, California-based debt funding platform Neptune Financial as part of setting up shop in the U.S. “We’ve been exploring growth options in the U.S. for some time and following the additional funding,” Zilch founder and CEO Philip Belamant said. “Now was the perfect time to take another meaningful step towards our U.S. launch.”
Zilch’s acquisition news comes less than a month after the company secured $110 million as part of an extension of its Series B round. One of the first Buy Now Pay Later firms in the U.K. (founded in 2018), Zilch enables consumers to pay for purchases using their virtual Zilch card by splitting their transaction into four, interest-free payments over a six week period. The company has raised more than $200 million and boasts 150,000 new sign-ups a month for its BNPL services.
One of the more interesting pivots in the BNPL space of late was an internal one as Canada’s Scotiabank announced that it will convert its credit card repayments into BNPL plans. The new arrangement will give cardholders the ability to pay off their debt balances in fixed installments over three-, six-, or 12-month periods.
“Our customers told us that they’re looking for more options to help them manage their finances,” Scotiabank SVP for Credit Cards and Lending Brett Mooney explained. “This new credit card feature offers our customers more flexibility in how they pay for purchases, in addition to the convenience, rewards and lifestyle benefits that our credit cards already provide.”
The new service is called Scotia SelectPay and can be accessed via the Scotia mobile banking app as well as online. Purchases of more than $100 are eligible for the new financing option, which requires no additional credit check or application.
Photo by Kaboompics .com from Pexels
From partnership to acquisition, the Purchase Now Pay Later revolution reveals few indicators, if any, of abating any time quickly.
Apple, one of many Massive Tech corporations that has been aggressive in its enlargement into fintech and monetary providers, not too long ago introduced that it’s teaming up with BNPL firm Affirm Holdings to supply new, interest-free financing choices for qualifying Apple clients in Canada. The brand new program allows shoppers to finance iPhone purchases over a 24-month interval and iPad and Mac purchases over a 12-month interval, each with 0% APR.
The brand new initiative comes a month after Apple introduced that it was teaming up with Goldman Sachs to assist introduce its personal Purchase Now Pay Later service – ostensibly to rival corporations just like the aforementioned Affirm. The providing will reportedly be referred to as Apple Pay Later.
And filed within the “should you can’t beat ’em, purchase ’em” folder is the information from London, U.Ok.-based Purchase Now Pay Later firm Zilch. The agency agreed this week to accumulate San Francisco, California-based debt funding platform Neptune Monetary as a part of organising store within the U.S. “We’ve been exploring progress choices within the U.S. for a while and following the extra funding,” Zilch founder and CEO Philip Belamant stated. “Now was the proper time to take one other significant step in the direction of our U.S. launch.”
Zilch’s acquisition information comes lower than a month after the corporate secured $110 million as a part of an extension of its Collection B spherical. One of many first Purchase Now Pay Later companies within the U.Ok. (based in 2018), Zilch allows shoppers to pay for purchases utilizing their digital Zilch card by splitting their transaction into 4, interest-free funds over a six week interval. The corporate has raised greater than $200 million and boasts 150,000 new sign-ups a month for its BNPL providers.
One of many extra attention-grabbing pivots within the BNPL area of late was an inner one as Canada’s Scotiabank introduced that it’s going to convert its bank card repayments into BNPL plans. The brand new association will give cardholders the power to repay their debt balances in fastened installments over three-, six-, or 12-month durations.
“Our clients advised us that they’re on the lookout for extra choices to assist them handle their funds,” Scotiabank SVP for Credit score Playing cards and Lending Brett Mooney defined. “This new bank card characteristic provides our clients extra flexibility in how they pay for purchases, along with the comfort, rewards and way of life advantages that our bank cards already present.”
The brand new service known as Scotia SelectPay and will be accessed by way of the Scotia cell banking app in addition to on-line. Purchases of greater than $100 are eligible for the brand new financing possibility, which requires no further credit score examine or software.
Picture by Kaboompics .com from Pexels