'Apple Pay Later' reports send potential rival shares tumblingShares of some financing companies fell by more than 14% following the news.
What you need to know
Apple is reportedly working on an 'Apple Pay Later' service.
It could let users make purchases with Apple Pay and then pay off the money over time.
The rumor has sent the shares of potential rival services tumbling.
A new report that Apple is working on an 'Apple Pay Later' feature has sent the shares of potential rival firms tumbling.
As reported by Reuters:
A report that Apple Inc is working on a service to let users pay for purchases in installments dragged down shares in the 'buy now, pay later' sector, which has thrived during the pandemic as online shoppers look for easier repayment options.
Specifically, the report notes Australian firm Afterpay, the countries biggest BNPL (buy now pay later) firm, the shares of which fell nearly 10% Wednesday, it also notes smaller firms:
Smaller rivals Zip Co Ltd and Sezzle fell sharply. Nasdaq-listed Affirm Holdings Inc tumbl...
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'Apple Pay Later' reports send potential rival shares tumbling
