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Apple Inc. is reportedly mulling a return to the buy now, pay later sweepstakes in the United States through a partnership with Zip Co. Ltd, an Australian digital financial-services company.
ZIP’s chief executive, Cynthia Scott, acknowledged the two companies are in talks, according to MacDailyNews.
Apple abandoned BNPL operations in June when it pulled the plug on Apple Pay Later, a service the tech giant launched with considerable fanfare in 2023. At the time, Apple said it planned to offer installment-payment options for Apple Pay through other providers, such as Affirm Inc., which will become part of Apple Wallet later this year.
Consumers opting to use Zip’s Pay In 4 service can earn cashback on each purchase. In addition, Zip users who refer a friend earn $10 after the referral’s first purchase. Referrals also receive a $10 reward after their first purchase.
The global BNPL market was valued at $30.3 billion in 2023 and is expected to reach $167.58 billion by 2032, according to Fortune Business Insights.
In addition to its talks with Apple, Zip is reportedly exploring deals with other payment providers and is expected to announce additional deals in the U.S. later this year. Zip announced earlier this month that U.S. merchants using Stripe Inc. or processing can provide Zip as a payment option to their customers.
In related news, lender Liberis is partnering with BNPL platform Sezzle to market Sezzle Capital, which provides funding to small and medium-size businesses in the U.S. without giving up equity. Merchants can access up to $10 million in loans through Sezzle Capital.
Plans are reportedly in the works for the two companies to expand Sezzle Capital to Canada.
Some 77% of small business owners are concerned about their ability to access capital, according to a Goldman Sachs survey.
