This will be Apple’s very first installment program in Canada.
Apple and PayBright join forces to offer consumers a new convenient way to buy Apple goods yet pay for them later.
According to a Bloomberg report by Mark Gurman, Apple’s new partnership with Affirm Holdings’ PayBright would pave the way for an easier payment scheme when one buys a new iPhone or iPad device. Simply put, instead of paying in full upfront, the customer can pay for the unit via installments – every fortnight or month.
PayBright is a highly popular buy now, pay later service in Canada which was acquired by Affirm in 2020 for over $260 million.
It has been known that PayBright has partnered already with many other renowned companies such as Dyson, eBay and Samsung, and their impeccable reputation has made them become a household name.
Thanks to this new Buy Now, Pay Later program, people can buy their next iPad, iPhone or Mac devices and are allowed to pay for them over a duration of 12 or 24 months.
Furthermore, device trade-ins are also allowed as a “downpayment on a new device” and it is also possible to add AppleCare to a plan. Another great thing about this development is that the tech giant has confirmed it will offer interest-free payments as a limited-time bonus.
The new BNPL program is expected to debut on August 11 both online and in its physical retail stores in Canada.
Meanwhile in the United States, people with an Apple Card credit card with Goldman Sachs Group Inc can benefit from such installment plans, but in other places, Apple had to partner with banks and lenders to offer the scheme. In the United Kingdom, for instance, the program offers financing with Barclays Bank and also PayPal, with an APR of 14.9%.