Apple expands fintech business πŸ”₯

Apple expands fintech business πŸ”₯

Apple made half of fintech shit a brick after news broke the company, along with Goldman Sachs, is launching a new Buy-Now-Pay-Later product offering, making it easy for Apple Pay users to shop on credit.

Rising phenomenon -β€” ideal for large ticket ecommerce purchases, the emerging credit-at-checkout service has become extremely popular during COVID, increasingly displacing credit cards. No credit records are pulled, and lending decisions are made solely on alternative data. The young LOVE it.

$100 billion+ in was processed via BNPL in 2020, nearly 2% of ALL global ecommerce volume, expected to top $300B+ in volumes by 2024. It’s a wildfire!

Going forward β€” looking at the success of the Apple Card, and existing usage for Apple Pay, Wallet, etc. odds are BNPL is a win straight out the stable, further strengthening Apple’s non-hardware Services business which is already churning $90B+ a year in revenues! Bet your ass Google will follow.

Big picture β€” the everything is fintech thesis lookin’ inevitable. Gotta love being a FAANG stockholder.

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