Poisoning Apple’s Pay Later
Consumer Bureau issues a warning in the Buy Now, Pay Later space
Apple is making a foray into the Buy Now, Pay Later space with a product called Apple Pay Later. The idea is that customers who are already using their phones to pay for purchases will appreciate the seamless ability to add a buy now, pay later feature.
Forbes reports that the Consumer Financial Protection Bureau (CFPB) is now taking a look at Apple’s move, raising concerns about data privacy and antitrust issues.
Apple’s announced buy now, pay later (BNPL) service — Apple Pay Later — is being investigated by the Consumer Financial Protection Bureau (CFPB), the consumer finance regulator in the US. CFPB director Rohit Chopra said that Apple Pay Later raised “a host of issues,” including antitrust and data privacy concerns.
The Forbes analysis notes that while Apple is a big tech player, it’s not exactly huge in the payments space. In fact, the largest player in the payments space remains PayPal, followed by CashApp and Apple lags behind in third place.
