Apple announced on Tuesday that Apple users will be able to opt into buy now, pay later loans with Affirm as part of an update to the company’s operating system due later this year. Announced updates.
The ability to use Affirm will be available to US users when using Apple Pay as part of an update included with iOS 18, releasing this fall.
“This gives our users an additional payment option, offering the ease, convenience and security of Apple Pay along with the flexibility, transparency and no late or hidden fees that users love with Affirm,” Affirm announced. Emailed statement to CNBC.
The additional options for Apple Pay users come after the Consumer Financial Protection Bureau (CFPB) moved in May to classify Affirm and other popular “buy now, pay later” apps as credit cards, providing greater customer protections for billers.
Services offered by companies like Affirm, Klarna and PayPal allow consumers to pay for items 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.”
But Khurana said, “The CFPB [buy now, pay later] And credit cards.”
The Apple Pay update is part of a series of updates coming to the new operating system for iPhone, iPad and Mac devices announced at the company’s annual developers conference.
The company also announced a notable partnership with OpenAI to integrate ChatGPT into Apple devices, updates to Apple’s proprietary artificial intelligence (AI) capabilities with Apple Intelligence, and evolutions to Siri.
