AppayL8er.jpg

Like other providers, Apply Pay Later will allow customers to split payments into four interest free instalments over six weeks. 

When customers make an Apple Pay purchase, they'll get the option to split the cost, with payment information being available in the Apple Wallet. 

Apple Pay Later will be available on any purchases made using Apple Pay in stores and online. 

The news comes two weeks after NAB became the last of the big four banks to offer its own BNPL service. 

Grant Halverson, payments expert and former Diners Club and Citi executive, said delivery through a mobile wallet is very easy and persuasive for Apple customers.

"This is a fintech BNPL app's worst nightmare. It will cut off spending on standalone apps," Mr Halverson told Savings.com.au. 

"These start-ups face a powerful new competitor in Apple with over 500 million mobile wallets globally."

The rise of big players in the industry means fintechs such as Zip could struggle in the space.

"Zip - Australia's leading BNPL - was once a unicorn valued at $7.7 billion [market cap]; today it's half a unicorn worth $470 million - the stock market is sending a very clear message," he said.

"Zip shares are trading as low as 67 cents, not seen since 2018."

Mr Halverson also said looming regulations could trouble the challengers rather than the incumbents. 

"It's a total myth that ... BNPL is somehow a totally new industry - it's not; it's simply a regulatory arbitrage which has now attracted big competitors," he said.

"Australia has six fully regulated BNPL providers who can withstand Apple - banks know who uses BNPL in their customer bases and can target them. 

"Australia has nine BNPL public ASX stocks, 18 non public start-ups and 14 copycat executions taking advantage of a legal loophole."

The regulated players include ANZ's Visa instalments option, CBA's StepPay, NAB's new offer, Citibank's SpotPay (acquired by NAB), LatitudePay, Paypal Pay in 4, and Suncorp's Visa instalments option.

AppleInstalment.jpg

Apple instalments option, via Grant Halverson

Advertisement

In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.

Update resultsUpdate
Filters
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Secured Type Early Exit Fee Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkComparePromoted ProductDisclosure
6.56% p.a.
6.56% p.a.
$392
Fixed
Unsecured
–
$594
$0
$23,513
  • Whether its for car, holiday, home renovations or refinancing your debt, kickstart your goals with our fixed -rate loans, with no surprise fees
  • Get a quote with no credit score impact: Getting your personalised quote is credit score safe
  • Access your cash instantly: If approved, get your money in seconds straight into your Revolut account
  • Repay flexibly, with no monthly fees or nasty penalties
 Disclosure
6.57% p.a.
7.19% p.a.
$392
Fixed
Unsecured
$150
$0
$250
$23,519
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
  • Loan amounts of up to $75,000, and up to $100,000 for home improvement projects and motor vehicles
 Disclosure
16.95% p.a.
32.99% p.a.
$497
Fixed
Secured
–
$26
$125
$29,791
Interest rates subject to change based on your personal circumstances
  • Interest rates start at 16.95% and could be as high as 29.95% based on your personal circumstances and loan term
  • Australian residents and citizens only
  • Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 36 months
  • Terms, Conditions and Lending Criteria apply
 Disclosure
6.49% p.a.
7.61% p.a.
$391
Fixed
Secured
$150
$12
$250
$23,474
6.49% p.a.
7.69% p.a.
$391
Fixed
Secured
$100
$12
$250
$23,474
8.50% p.a.
9.53% p.a.
$410
Fixed
Unsecured
$0
$15
$0
$24,620
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Image by Bangyu Wang via Unsplash



Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

Download Free
By subscribing you agree to our privacy policy