Zip in Talks With Apple for U.S. Buy-Now-Pay-Later Integration
Hey FinTech Fanatic!
BNPL firm Zip is exploring a partnership with Apple, aiming to integrate its installment payment services in the U.S., according to CEO Cynthia Scott.
While no current collaboration exists, discussions are ongoing. Zip also plans to partner with major U.S. merchants this quarter.
Recently, Zip enabled U.S. merchants using Stripe to offer its services and is pursuing further partnerships.
Apple, which launched its own BNPL service in 2022, halted new loans this year but may collaborate with other providers.
Zip is also looking to embed its product at the point-of-sale with more major retailers. Pointing to Best Buy as one of Zip’s key merchant partners, Scott said she expected to announce what she called significant U.S. merchants during its September quarter.
BNPL services are growing in popularity, particularly among young, digital consumers, with spending on BNPL reaching $17 billion during the holiday season, a 14% increase from the previous year.
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