What you need to know
- Apple's financing partnership with Affirm's PayBright has launched in Canada.
- Customers in the country can now finance select purchases at Apple over 12 or 24 months.
Apple's new financing partnership with Affirm has officially launched in Canada.
Earlier today, Mark Gurman, who originally reported on the new partnership last week, posted to Twitter that the new financing option has started to pop up for customers shopping on the Apple Online Store in the country.
The new partnership between Apple and Affirm's PayBright comes in the form of a new "buy now, pay later" program that allows customers in Canada to finance select 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.
Apple is still expected to launch another service called 'Apple Pay Later,' which would let virtually any Apple Pay purchase be financed over time.
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.
Apple does already offer a "buy now, pay later" service for select purchases at Apple with the company's Apple Card credit card, but the company's credit card is still only available in the United States.
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