Apple to launch BNPL program in Canada via Affirm

Karthik Subramanian

Apple is looking to launch a buy-now-pay-later program for its products in Canada through a tie-up with the app Paybright of the company Affirm.

Apple has been eyeing the BNPL space for some months now and as we had reported earlier, it is looking to launch a program on its store which will help the users to purchase the Apple products through three or four installments. But even before that, it looks as though the company would be launched BNPL for the online and offline purchase of its products in Canada so that the users would be able to pay back in one or two years.

It is also reported that this BNPL service would be provided free of charge initially. The BNPL industry has been growing in a very strong manner ever since the pandemic struck as people want to save money for situations like these and hence do not want to go all-in in trying to buy large products. The latest generation of users seem to prefer buying in installments and this has led to explosive growth in the BNPL space that has caught the eye of major companies like Paypal, Klarna, and Apple.

It is expected that Apple would be extending this service to merchants and products far beyond the Apple universe in due course of time and it is also likely to be tightly integrated with the Apply Pay service as a kind of perk for the users of Apple Pay. This is part of the expansion of Apple into the fast-growing fintech space which so far has been seeing innovations and growth from startups and now these small startups are going to face some serious challenges from major companies as well.

Recently, Square had acquired Afterpay in a major deal that saw the payment giant enter the BNPL space while there have also been companies like Klarna, Visa, and Paypal that have been launching their own versions of BNPL over the last few months as space heats up. With the kind of rush that we are seeing in this industry, it is an advantage to the user as they get to choose their BNPL product and increasing competition also ensures that the charges and the rates are kept under a tight cap, at least for now.

Read this next

Institutional FX

Fortex adds GBE Prime to liquidity offering

“This collaboration enhances our liquidity distribution capabilities, offering our clients improved pricing, order execution, and risk management. We look forward to the positive impact this integration will have on our clients.”

Retail FX

Fullerton Markets Caps Off Stellar Year with Dual Triumph at Gazet International Awards 2023

Fullerton Markets, one of the fastest-growing brokerages in the Asia Pacific, has today announced its remarkable success at the prestigious Gazet International Awards 2023, where it secured two coveted accolades, reinforcing its position as a global leader in multi-asset brokerage and marketing a triumphant end to the year.

Inside View

Are brokers really ready for EMIR Refit and ESMA changes in 2024?

The EMIR Refit and ESMA reporting requirements necessitate a strategic approach from brokers, involving major updates to reporting systems, data collection processes, and internal resources. We spoke with brokers and RegTech providers to learn more about the upcoming regulatory challenges.

Digital Assets

Binance to phase out BUSD support in two weeks

Binance has announced its plans to gradually phase out support for its native stablecoin, BUSD (Binance USD) by December 15, 2023. This move comes after Paxos, the issuer of BUSD, decided to stop minting new tokens.


Binance Labs invests $3.15M in Open Campus to advance Web3 education

Binance Labs, the venture capital arm of the cryptocurrency giant Binance, has invested $3.15 million in Web3 education platform Open Campus.

Institutional FX

Brighty App unveils EU B2B payment platform amidst exploding market

Brighty App is set to launch its European B2B platform, Brighty Business, this month. This platform is geared towards improving how businesses handle their financial operations, especially in the digital banking and cryptocurrency domains.

Digital Assets

Celsius’ withdrawal process slowed by overwhelming demand

Bankrupt crypto lender Celsius is taking steps to allow certain customers to withdraw their funds. However, some users have reported difficulties in logging in to process their withdrawals, as indicated by posts on various social media platforms.

Digital Assets

Cristiano Ronaldo hit with $1 billion lawsuit over Binance NFTs

Cristiano Ronaldo, the renowned footballer, is facing a class-action lawsuit in the United States over his promotion of Binance, the world’s largest cryptocurrency exchange.

Digital Assets

Zipmex creditors offered 3.35 cents on the dollar payout

Zipmex, a Thai crypto exchange grappling with financial difficulties, has proposed a restructuring plan to repay its creditors.