Apple announced significant enhancements to Apple Pay and Apple Wallet, as part of its upcoming iOS update, set for release this fall. Unveiled at the annual developer conference, these new features will incorporate a variety of new capabilities into the popular iPhone feature, including more financing options, pay by rewards points, and buy now, pay later (BNPL) services. Apple has partnered with Affirm to integrate its BNPL service directly into Apple Pay, allowing users to apply for an account within the app. Affirm's shares rose nearly 5% following the announcement of this partnership. Other major BNPL providers like Klarna are also expected to be integrated into Apple Wallet.
Apple Pay, currently limited to iOS devices, will expand to Windows computers and Google’s Chrome browser later in 2024. Users will be able to scan a code and approve transactions using their phones, broadening the service's reach beyond its traditional ecosystem. This expansion aims to solidify Apple Pay's position in the digital payment landscape by offering more flexibility and broader accessibility.
