Will Apple Pay Later succeed? The delayed launch likely won’t hurt the Big Tech firm’s strong chances of BNPL growth.
- Apple Pay is accepted in more than 1 million retail stores across the US.
- And Apple Pay’s user base is expected to grow 7.3% year over year (YoY) in 2023 to hit 48.7 million customers, per Insider Intelligence forecasts.
That reach will help Apple Pay Later. But Apple will have to compete in a crowded market that includes fintechs, banks, and payments heavyweights like Mastercard and Visa. And they’ll all have to operate within a US regulatory landscape that’s poised for an upheaval later this year.
Deeper dive: Check out our US Buy Now, Pay Later Forecast 2022 report to see how BNPL growth will defy an uncertain economic outlook.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.