Apple introduces way to split payments in Apple Pay

The loans are designed to encourage consumers to spend and borrow more, and users are subject to fees if they miss payments, which can lead to their accumulating more debt.

Apple's pay later system requires users to link a debit card, rather than a credit card, from their digital wallets as their loan repayment method. That's to help prevent users from taking on more debt to repay the loans. "Apple not allowing customers to link to a credit card is a unique feature in its BNPL product that should limit the ability of borrowers to pay off one form of debt with another form of debt, though it does not fully address our broader concerns over the structural and cyclical challenges the buy-now-pay-later business model continues to face," Michael Taiano, senior director, Fitch Ratings said in a statement to CBS MoneyWatch.

In 2021, buy now, pay later loans totaled $24 billion, up from $2 billion in 2019, according to a CFPB . The payment option has become ubiquitous in stores and online, forcing regulators to play catch up. At the same time, the agency has seen a steady rise in the percentage of borrowers who fall behind.

Source: Loan News Today (loannewstoday.net)

Feb 2022, when Ukraine war broke out, Moscow metro was paralyzed as apple pay and google pay stopped their services in Russia. It is a huge risk for national security if using US digital payment apps.

Oh, boy! A new way to get in debt! Let me hop on that

Happy birthday, Apple....Dr. Gajendra Welcomes you....

Apple Pay.

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