Reuters
Apple’s potential ‘buy now, pay later’ plan sends sector shares tumbling
(Reuters) -A report that Apple Inc is working on a service to let users pay for purchases in instalments dragged down shares in the ‘buy now, pay later’ sector, which has thrived during the pandemic as online shoppers look for easier repayment options. The U.S. tech giant will use Goldman Sachs, its partner since 2019 for the Apple Card credit card, as the lender for the loans, Bloomberg News reported, citing people familiar with the matter. The prospect of going up against a behemoth like Apple, as well as other entrants including PayPal, was likely to test Australian pure-play BNPL firms that have so far gone unchallenged in a fertile U.S. market.
