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In a warning shot to Silicon Valley following Apple’s decision to launch its own BNPL service, the CFPB, said they would “have to take a very careful look at the implications of Big Tech entering this space” including how companies might use customer data. “Is it being combined with browsing history, geolocation history, health data, other apps?”
The iPhone maker last month became the first and so far only large tech company to launch a BNPL product in the US. Branded Apple Pay Later, it allows users of its devices to pay for purchases in four instalments over six weeks without interest or fees. The service is available via Mastercard’s network online or in apps that accept Apple Pay. It marked another push by the Silicon Valley company into financial services following products such as Apple Card, a credit card for US customers launched with Goldman Sachs and Mastercard. But unlike previous lending services, which were offered in conjunction with banking partners, Apple will underwrite and fund the short-term loans.
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