Updated June 12, 2022 / Original June 10, 2022
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The “buy now pay later” space could be in for a reckoning, impacting companies such as Affirm and Block. Illustration by Paul Windle
Many of us are glued to our iPhones. If Apple has its way, the device will get stickier. The company announced a new “tap to pay” feature this past week—aiming to get consumers to pull out their iPhone, rather than a credit card, for store purchases. Apple is also delving into one of the hottest areas of consumer finance, a service called buy now pay later, or BNPL.
Consumers using BNPL can stretch payments for an item over a few weeks or months. A big marketing pitch is 0% interest for a six-week term. BNPL is thriving, with…