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Uzone.id – Have you ever heard of Apple Pay Later or PayPal Pay Later? In 2021, PayPal Pay Later will be the ruler of the online payment industry in the United States. Meanwhile, Apple Pay was released only yesterday, in October 2023, and is still limited to the United States.
These two services are generally similar to the pay later service, ‘buy now, pay later.’ Through this service, users can receive the goods they want first and then pay at a later time.
The difference between Apple and PayPal Pay later
PayPal Pay Later offers interest-free short-term payments, Long-term installments, and other special payments with PayPal checkout at no additional cost unless the user is in the United States.
This offer has different policies depending on the user’s country of residence. In the US and Australia, users can pay in four interest-free installments for items worth $30 to $1500.
Just like PayPal users based in France. They can make four installments for purchases of €30.00 to €2,000. Meanwhile, PayPal users in the UK can only make three installments for purchases totaling £30.00 to £2,000.
It works easily. Users only need to select the Pay Later option when making a payment. The system will automatically determine whether the user can use the Pay Later option later.
Similar to Pay Later, Apple Pay Later allows users to buy goods at several stores or merchants that already support payment using Apple Pay to pay in installments after Apple Pay Later arrives.
Users can make a maximum of four installments within a deadline of up to six weeks, with the first payment to be made in advance, a down payment (DP). Apple also provides a feature that allows users to extend installment payment dates on one directly plication directly.
Interestingly, Apple later exempted users from administrative fees and other additional costs. The difference is PayPal Pay Later; Apple Pay Later can only be used by Apple Pay users based in the United States.
Market impact of Apple and PayPal’s pay-later presence
Apple Pay Later and PayPal Pay Later are part of the Apple Pay and PayPal ecosystem.
Apple Pay’s presence shows significant user growth. With extensive market penetration in key areas, Apple Pay’s acceptance continues to increase. Apple Pay users are predicted to reach more than 56.7 million in 2026.
On the other hand, PayPal continues to experience setbacks to maintain its existence amid increasingly fierce competition. The interaction between Apple Pay and the Apple ecosystem provides users a better experience than using PayPal.
Security concerns make the gap between Apple Pay and PayPal even wider. While Apple Pay continues to invest in the development of new technologies and user privacy and security, PayPal, which came first, is considered to have failed to meet user expectations.
However, with efforts to address its technological weaknesses, improved user experience, and a reputation it continues to strengthen, PayPal is slowly starting to regain consumer trust.
In Q1 of 2024, PayPal successfully announced an increase in its revenue. This good news shows increased platform user engagement and strong transaction activity, as well as better cost control, which increases profitability.
For various reasons, the presence of Apple Pay and PayPal has changed the basis of the market and investors. Apple Pay’s performance through exploratory expansion and integration within the ecosystem has increased investor confidence.
Meanwhile, PayPal’s slow expansion and lack of strategy in dealing with the challenges created by Apple Pay have lowered investor confidence. For that, PayPal must be careful and look for strategic ways to restore its past advantage.
Apple Pay Later officially stopped
Unfortunately, even though the Apple Pay Later ecosystem points in a positive direction, Apple’s board of directors is committed to stopping this feature. This decision was taken because Apple wants to develop other features, such as installment loan offers from eligible debit or credit cards and Affirm.
