What you need to know
- Apple and Affirm are partnering up to offer financing options to Apple Store customers in Canada.
- The service will launch on August 11 and offer customers 12 or 24-month financing options.
- Apple is still working on its own service called 'Apple Pay Later.'
Apple Pay Later is kind of here, but it's actually going to be something different in Canada...for now.
As reported by Bloomberg, Apple and Affirm's PayBright are partnering up to launch a new "buy now, pay later" program in Canada. The company stated in a memo to employees that, with the new service, customers will be able to finance purchases between 12 and 24 months.
The companies plan to debut the initiative this month at Apple's online and physical retail stores in Canada, according to a message sent to Apple retail employees in the region, which was obtained by Bloomberg News. The service will let iPhone, Mac, and iPad buyers in Canada pay for purchases over 12 or 24 months instead of in-full at the time of the transaction. Apple told staff it will offer the program interest-free for a limited time after the launch.
According to the communication to staff, the program is set to launch on August 11.
"Some customers visiting Apple want to buy now and pay later ... Now, they have a new option that lets them pay over time for their favorite Apple products." The company also told staff the program would roll out on Aug. 11. Spokespeople for Apple and Affirm declined to comment.
Apple already offers a "buy now, pay later" service with its Apple Card credit card, but the company's credit card is still only available in the United States. It appears that rather than launching Apple Card in Canada, partnering with an existing service in the country was an easier way to bring more financing options to customers there. This isn't to say that Apple Card coming to Canada is dead, but it does hint that it could take longer than anyone would like.
According to the report, Apple's partnership with Affirm is not the 'Apple Pay Later' service that was rumored last month. Bloomberg says that the service is still being developed and is planned to launch at some point in the future.
For Apple, the upcoming Canada system is just another step toward its expanded buy now, pay later plan. The Cupertino, California-based company is working on a service called Apple Pay Later that will allow the cost of any item bought through Apple Pay to be spread over multiple payments. Apple is working on two versions of this service: a zero-interest plan that consists of four payments, or a plan with interest that runs over several months, Bloomberg News has reported.
Regardless of the way financing options come to Apple Store customers, it's good to see that it is an option. If Apple is open to working with local financing services, it could mean that financing options are coming to even more countries through additional partnerships.