![]() Updates to the company’s Apple Watch will allow users to track their sleep and will remind them to take medication. It will also allow apps to verify users’ ages by linking to digital driving licences stored in phones. It said the new version of its iPhone operating system, due to launch in the autumn, would let users unsend and edit text messages. Last month, the European Commission accused Apple of restricting competition in mobile payments by limiting access to the iPhone’s contactless technology.Īpple announced the feature at its annual developer conference, where it previews a host of software updates. Apple Pay contactless payments launched in Britain in 2015, a year after the US, but other services such as money transfer service Apple Cash and the company’s credit card remain US only. Affirm allows you to finance purchases of up to 17,500 and split it into multiple payments, choosing between multiple. It is unclear if the service will come to the UK. Founded in 2012, Affirm is one of the original buy now, pay later apps. Unlike apps such as Klarna, which require support from retailers, Apple Pay Later will be available wherever Apple Pay is accepted, which includes online retailers, apps and physical stores. “Apple’s challenge will be to ensure it does not generate negative optics if users get into extra debt by using the service,” said Ben Wood, an analyst at CCS Insight. ![]() Klarna, which was valued at $46bn (£37bn) last year, is reportedly seeking to raise funds at a much reduced $30bn valuation. Shares in Affirm, a US buy now pay later company, fell by 5pc as Apple announced the feature. However, this has failed to discourage new entrants, with British fintech apps Revolut and Monzo launching pay later services. ![]() The Treasury is considering new rules for providers amid concerns they are encouraging unsustainable spending and are subject to less strict checks than credit cards. Spending with buy now pay later apps such as Klarna has exploded in recent years alongside a surge in online shopping, although the industry is attracting attention from regulators. The feature will only be available in the US at first in an upcoming software update and will not involve interest payments or late fees. The tech giant’s Apple Pay Later service will let users spread purchases over four installments and six weeks. Our partners cannot pay us to guarantee favorable reviews of their products or services.Apple has entered the booming “buy now, pay later” market, allowing iPhone owners to delay payments in a major challenge to Klarna and Revolut. Our editorials are grounded on independent research. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. ![]() Our site doesn’t feature every company or financial product available on the market. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. They are not intended to provide investment advice. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker.
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