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Apple digs into its pile of cash to fund new Pay Later service

• gnicholas 4y ago
  > The set-up will allow Apple to earn interchange fees from each transaction as well as give the company more control over data and help accelerate the international expansion of its financial products. However, if a customer fails to pay back the loan, Apple must swallow the loss. Whoa, did not see that coming. I wonder if Apple will only make the feature available for a subset of purchases? Like if my credit limit is $5k, will they let me BNPL for a $5k purchase, right off the bat? Or will I have to prove my creditworthiness over time, either with traditional usage or with BNPL specifically? Seems like a choppy economic time right now to be taking risks on people paying back their credit card debts...