Apple device users will soon be able to tap into buy now, pay later loans from Affirm for purchases, the companies said Tuesday.
Affirm will surface as an option for U.S. Apple Pay users on iPhones and iPads later this year, the San Francisco-based fintech company said in a filing. Apple confirmed the news in its own update.
“This provides users with additional payment choices, and offers the ease, convenience and security of Apple Pay alongside the features users love in Affirm – flexibility, transparency and no late or hidden fees,” Affirm said in an email statement.
The move is a boost to Affirm and the buy now, pay later sector in general. When Apple introduced its own BNPL product last year, investors were concerned that the tech giant would crowd out standalone providers like Affirm. But the fact that Apple has decided to also allow Affirm products in its ecosystem shows that the fintech company has something unique to offer.
Shares of Affirm rose 6% in early trading Tuesday, while shares of Apple were up about 3%.
This story is developing. Please check back for updates.
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