The program will be for sales of Apple devices in Canada. It will allow for iPhone, Mac and iPad buyers in that country to pay for their purchases over a period of one to two years.
Bloomberg reports that Apple has told employees it will offer the service interest free for a limited time following the rollout.
The companies will be debuting the new program via Apple’s eCommerce and brick-and-mortar retail stores in Canada.
News of Apple’s reported planned launch of a BNPL service with PayBright comes on the heels of Square announcing that it plans to acquire Afterpay, PYMNTS writes.
The acquisition will help open up BNPL services to a far wider range of merchants, according to the companies.
“We built our business to make the financial system more fair, accessible and inclusive, and Afterpay has built a trusted brand aligned with those principles. Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands,” Square co-founder and CEO Jack Dorsey said.
The merger will let Afterpay customers manage their installment payments directly in Cash App. Moreover, Cash App will serve as a merchant discovery tool for consumers who use Afterpay.
In July, a report surfaced that Apple is building out a perk for Apple Pay users that will let them purchase products and pay for them in monthly installments. The future so-called “Apple Pay Later” would be connected with Apple Pay upon its launch. As previously reported, Apple Pay Later has similarities to the Apple Card Monthly Installments program.