Apple Pay Later has been rolling out since March, but it’s still not available to everyone. Despite the limited availability, a new survey today suggests that Apple is already taking business from other buy-now-pay-later services like Paypal, Afterpay, and more.
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As reported by MarketWatch, a new JD Power survey this week reveals that nearly 20% of buyers using a buy-now-pay-later in the last three months opted for Apple Pay Later rather than the competition.
By comparison, around 39% of purchasers opted for PayPal’s financing option, while Afterpay locked in 33% of the market. Sezzle and Zip Co rounded out the top five, accounting for a combined 11% of the buy-now-pay-later market. The numbers are based on a survey of 8,000 shoppers who used MNPL services while making a purchase.
Miles Tullo, a managing director at JD Power, attributed Apple Pay Later’s hot start to brand recognition and the overall loyalty of Apple users.
“When you think about these other brands, it’s hand-to-hand combat to get users to have access to their solutions. There does not appear to be much loyalty in that space today,” Tullo said of the BNPL market. “That’s certainly good for Apple.”
Apple Pay Later launched back in March, offering users the ability to split purchases into four equal payments across six weeks, with no fees or interest. The feature is available anywhere Apple Pay is accepted online and in-app.
But while Apple Pay Later started its rollout in March, it’s been a very slow process thus far. Apple has gradually expanded its offering to more and more users since then. The gradual rollout only makes Apple’s 20% share of the market even more impressive.
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