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The feature will allow users to split the cost of an Apple Pay purchase into four equal payments over six weeks without interest or late fees. Accompanying the launch of Apple Pay Later is Apple Pay Order Tracking, which enables merchants to deliver receipt and order tracking to Wallet. It’s integrated with Shopify, according to Apple, and — like Apply Pay Later — needs no additional integration.
The BNPL market has taken a bit of a downturn recently as investors pull back amid higher interest rates and a global growth slowdown. At the close of trading on May 31, Affirm’s stock was down 70% this year. Meanwhile, Klarna recently laid off 10% of its workforce.
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