Apple Pay Later appears to have officially finally launched for all qualifying U.S. residents
Good morning fellow FinTech Fanatic!
Apple Pay Later appears to have officially finally launched for all qualifying U.S. residents. The feature had been available on an invite-only "early access" basis since March.
Apple removed the following sentence from all Apple Pay Later support documents today:
"Apple Pay Later is currently only available to customers invited to access a prerelease version."
Apple Pay Later is a "buy now, pay later" feature that lets qualifying customers split a purchase made with Apple Pay into four equal payments over six weeks, with no interest or fees.
The feature is available for eligible purchases between $75 and $1,000 made on an iPhone or iPad on most websites and apps that accept Apple Pay.
The minimum purchase amount required to use Apple Pay Later was $50 during the early access period, but Apple has now raised it to $75.
Every purchase made using Apple Pay Later is a separate loan and requires a new application, which has no impact on your credit score, according to Apple.
The feature is available to U.S. residents who are 18 years of age or older. Apple Pay Later is currently unavailable in Hawaii, New Mexico, Wisconsin, and the U.S. territories.
Read more Industry updates below, and have a great day in FinTech!
Cheers,
INSIGHTS
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Demand for embedded finance soars among SMBs as traditional banks fall short according to a new global survey by Airwallex. The data shows that 82 per cent of SMBs globally (86 per cent in the UK and US) feel overlooked by banks and would change their current banking provider if their existing software platform or marketplace offered a like-for-like alternative.
FINTECH NEWS
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The wealthtech industry in Asia Pacific is on the brink of substantial expansion, following its growing economy and increasing wealth in the region. It is predicted to grow by 25 to 30 percent per year. The market could triple or even quadruple its AUM by 2027 to reach up to $2.25 trillion, from around $700 billion at the end of 2022, according to the «WealthTech in Asia Pacific report» by McKinsey & Company.
Wirex and Transact Payments join forces to enhance card issuance in the EEA. This upgrade lets users handle transactions more easily, whether they're shopping on the internet, buying things at physical stores, or making payments while moving around.
PAYMENTS NEWS
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OPEN BANKING NEWS
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🇦🇺BGL partners with Skript to connect clients to Open Banking. The integration between BGL and Skript will collect data from all Australian banks for transaction accounts, term deposits, loans and credit cards and feed it into Simple Fund 360 and Simple Invest 360.
REGTECH NEWS
🇪🇪Veriff delivers risk score for ID verification. The feature will enable organizations to evaluate the risk of fraud associated with each identity verification session and, as a result, easily detect fraud patterns and make more informed decisions.
🇭🇰Jetco opens access to company data through Know Your Customer. Through this partnership, financial institutions can seamlessly access crucial commercial data via Know Your Customer's real-time connection to the Hong Kong Companies Registry and Inland Revenue Department through JETCO's platform.
🇮🇳Google’s New Initiatives: Expanding Credit Access, Combating Online Fraud in India. Google has unveiled a series of initiatives at their annual “Google For India” event including bridging the credit gap, fostering generative AI and language inclusivity with a new center, and enhancing online safety and security.
DIGITAL BANKING NEWS
🇬🇧Monzo COO on Fintech and Online Banking in Europe. Watch video 👇
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🇺🇸US Bank launches POS lending tech. US Bank has launched an embedded, multi-channel point-of-sale lending platform called Avvance, which lets firms offer customers financing at the checkout. More on that here
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PARTNERSHIPS
🇨🇴TerraPay and Nequi partner to transform remittances in Colombia. The partnership brings together the shared values of both companies, helping people manage their money efficiently and achieve their financial goals while also paving the way for financial inclusion.
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