Chris Ratcliffe | Bloomberg | Getty Photographs
Apple system customers will quickly have the ability to faucet into purchase now, pay later loans from Affirm for purchases, the businesses stated Tuesday.
Affirm will floor as an choice for U.S. Apple Pay customers on iPhones and iPads later this yr, the San Francisco-based fintech firm stated in a submitting. Apple confirmed the information in its personal replace.
“This offers customers with extra cost selections, and affords the benefit, comfort and safety of Apple Pay alongside the options customers love in Affirm – flexibility, transparency and no late or hidden charges,” Affirm stated in an electronic mail assertion.
The transfer is a lift to Affirm and the purchase now, pay later sector normally. When Apple launched its personal BNPL product final yr, traders have been involved that the tech large would crowd out standalone suppliers like Affirm. However the truth that Apple has determined to additionally permit Affirm merchandise in its ecosystem reveals that the fintech firm has one thing distinctive to supply.
Shares of Affirm rose 6% in early buying and selling Tuesday, whereas shares of Apple have been up about 3%.
This story is growing. Please examine again for updates.