What: Apple is partnering with Goldman Sachs for its buy-now, pay-later payment, built directly into Apple Pay, the update will allow users to pay for purchases in four installments over six weeks.

Why is it important: BNPL services have gained wide popularity in recent years. Fintech upstarts like Affirm, Afterpay and Klarna have been able to capitalise on young consumers’ distrust of traditional credit card companies and convince thousands of merchants to pay for their services.

In the US, the largest BNPL player, Affirm, has seen its stock value plummet nearly 75 percent this year.

The function will be an addition to the current Apple Pay offering and will be rolled out as part of its upcoming iOS 16 update.

Apple Launches Buy-Now, Pay-Later