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Apple Pay Later Launching 'Soon'

WilliApple said:
I bet this feature will unfortunately put a lot of people in debt.

Someone could easily pay $166 for a MacBook once, and not have the remaining $833 after.
Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.
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Bad loans will be passed on to 3rd party for collection, I presume.

Lending business is highly profitable. In my country, literally every e-commerce platforms have their version of this short-term loan service, as well as every e-wallet providers. Believe it or not, many people actually do pay up, and the interest rates/fees are so high that the companies/banks can make profit already from certain percentage of the good loans that the bad loans are acceptable risks.

Now, this kind of service makes sense in countries like mine, where the regular working wage is very low, thus lay people can barely afford anything. But seeing this in supposedly developed countries like the US makes me think on how bad the actual economic situation is/will be.
 
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DeepIn2U said:
Easy solution for Apple.

reduce access to USA users whom ONLY have ApplePay + AppleCard.
Done.
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I don't see them doing that. Some people may have perfect credit history despite only having one credit card, even a new one such as the Apple Card is, how would that be remotely fair? Besides, once someone pays for something using Apple Card — they become GS's problem, not Apple's. :)
 
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ian87w said:
Bad loans will be passed on to 3rd party for collection, I presume.

Lending business is highly profitable. In my country, literally every e-commerce platforms have their version of this short-term loan service, as well as every e-wallet providers. Believe it or not, many people actually do pay up, and the interest rates/fees are so high that the companies/banks can make profit already from certain percentage of the good loans that the bad loans are acceptable risks.

Now, this kind of service makes sense in countries like mine, where the regular working wage is very low, thus lay people can barely afford anything. But seeing this in supposedly developed countries like the US makes me think on how bad the actual economic situation is/will be.
Click to expand...

Ian, just about everything you have ever seen on tv and in movies about the US being developed is just images of people in debt with tons of things they cannot afford without using credit cards, loans, etc. Naturally there are exceptions but for the majority of Americans carrying debt on things you “bought” for most of your life is very normal.
 
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American Express has this gimmick too, it’s called ‘plan it’. They are just seeking parity..? Wouldn’t be surprised if Apple is on the hook, contractually to implement/integrate certain features..?
 
I think Apple should have become the bank on the Apple CC, not GS. Apple threw all that interest money down the toilet and gave it to GS. That could have been a huge income stream for Apple.

I hope on this new pay later system, if there is interest charged, it goes to Apple, not GS.

<== AAPL shareholder.
 
alexandr said:
I don't see them doing that. Some people may have perfect credit history despite only having one credit card, even a new one such as the Apple Card is, how would that be remotely fair? Besides, once someone pays for something using Apple Card — they become GS's problem, not Apple's. :)
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Possibly.

But doesn’t Apple launch all services USA first? ;)
 
WilliApple said:
I bet this feature will unfortunately put a lot of people in debt.

Someone could easily pay $166 for a MacBook once, and not have the remaining $833 after.
Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.
Click to expand...

They specifically said it’s to increase services revenue. They don’t care.
 
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Nick_P said:
I think Apple should have become the bank on the Apple CC, not GS. Apple threw all that interest money down the toilet and gave it to GS. That could have been a huge income stream for Apple.

I hope on this new pay later system, if there is interest charged, it goes to Apple, not GS.

<== AAPL shareholder.
Click to expand...

If you think Apple threw any money down the toilet you haven’t been paying attention to Tim Cook. You can bet they are getting a piece of those interest payments. Enough to make it worth not taking on the hassle of actually being a financial institution with all the regulation and obligation that implies.
 
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I can just imagine how Apple would have to explain in future investor calls people not making their payments.
 
So is this going to be some sort of alternative to Apple Card? I know with Apple Card you have to pay your monthly balance or you get interest and this seems to have no interest. This seems like the payment plan currently available with Apple products using Apple Card. I'm really confused as to when I would use this and why.

To all the people saying this is going to make people in debt or whatever... Any kind of financial tool can be missused. Apple Pay makes it so convenient to spend money that someone without any self control is going to spend their entire paycheck before they even pay their bills. Apple can't fix this for people. They will learn and some will learn the hard way. I learned the hard way so now I don't do that anymore.
 
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russell_314 said:
I'm really confused as to when I would use this and why.
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Exactly. This seems like something extra that just isnt needed. Maybe doing something like the American Express Plan It payment plans would be better, but 6 weeks is a really short amount of time to buy-now, pay-later.

russell_314 said:
Apple Pay makes it so convenient to spend money that someone without any self control is going to spend their entire paycheck
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I suspect this has been a learning experience for young people. If I, an adult, am this tempted to spend money without thinking because its so easy to just click a button, then how is a young person going to handle it?
 
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thenahon said:
Exactly. This seems like something extra that just isnt needed. Maybe doing something like the American Express Plan It payment plans would be better, but 6 weeks is a really short amount of time to buy-now, pay-later.
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I think it's not something I would need but if it's splitting the payments for anything maybe someone in a bind that needs new tires but doesn't have a credit card could use this. If you're not tight on money you might think why couldn't someone afford tires but there are people who don't have the extra cash around. At least this is my thought for a use but maybe it won't work for that.

thenahon said:
I suspect this has been a learning experience for young people. If I, an adult, am this tempted to spend money without thinking because its so easy to just click a button, then how is a young person going to handle it?
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Of course. Ideally you have someone teach you at a young age but not all of us had this. I learned the hard way so now I'm good. I pay my credit card balance at the end of the month because that interest isn't good at all.
 
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WilliApple said:
I bet this feature will unfortunately put a lot of people in debt.

Someone could easily pay $166 for a MacBook once, and not have the remaining $833 after.
Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.
Click to expand...

They could turn on Activation Lock until payments are brought current.
 
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I’m failing to see anything revolutionary about deferring payments. Every credit card I’ve ever owned has had this.

Here in Japan there’s even a law that says you can’t start charging your customer interest for a month.
 
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WilliApple said:
I bet this feature will unfortunately put a lot of people in debt.

Someone could easily pay $166 for a MacBook once, and not have the remaining $833 after.
Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.
Click to expand...
We see the same thing all over. Have you seen those ads on TV advertising, buy now, pay until 2025 or 2 years later?
 
CarAnalogy said:
“I didn’t get this patient addicted to opioids. I just made them a very available attractive option.”
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Get back to me when someone has a dangerous physical withdrawal reaction and potential death because they suddenly cannot buy a HomePod. Until then, perhaps don't cheapen opioid addiction and those who suffer from it by comparing it to someone's lack of self-control at the Apple Store.
 
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DeepIn2U said:
Quite.

ApplePay
AppleCare+
AppleCash
AppleCard (might’ve gotten the name wrong but their credit card)
Siri initial features
AppeMaps improvements

Shall I go on? All launches in USA first!
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I wasn't talking about that, but we can discuss this. Most of the things you're talking about involve finance and deal with a lot of government regulations. The USA is a bit more friendly (Some might say too friendly) towards business so it's easier for Apple to do something like this. Also this is where they are headquartered so yes, they're going to start whatever they do in their country first.

Besides not all "improvements" are USA first. With the new improved blocking of AirDrop connections, Apple started that in China first 🤣
 
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