Buy Now Pay Later is a Fintech category where we have seen huge number of new startups in India in recent few years. Some of them to name are Simpl, Zest Money, Lazy Pay etc.
This has given a great boost to eCommerce in India as it serves the consumer mindset of paying less (or later) and getting the product without paying (or paying just a part) with ZERO INTEREST PAYMENT and it’s a huge hit.
On 6th June 2022, Apple launched its awaited PAY LATER program (a Buy Now Pay Later financing option) to use with any transaction that is happening through Apple Pay. This is ZERO-friction availability of BNPL and is expected to provide a great boost to the entire Apple ecosystem.
As more and more businesses go mobile, I see this as a great threat to new-age startups like Simpl, Zest, and Lazy Pay. And, this raises the question, Is this the end of the BNPL (Buy Now Pay Later) category? I wonder what if Google also launches the same? Would it be wrong if I say that it can eat the entire credit card industry?
What a great utilization of the ecosystem. What a move Apple 👏👏
Thanks for your blog, nice to read. Do not stop.