Interesting tidbit from this article that instalments will be supported in Apple Wallet
The ability to access installments from credit and debit cards with Apple Pay will roll out starting in Australia with ANZ; in Spain with CaixaBank; in the U.K. with HSBC and Monzo; and in the U.S. with Citi, Synchrony, and issuers with Fiserv. Users in the U.S. will also be able to apply for loans directly through Affirm when they check out with Apple Pay.
Any of our Monzo friends able to share any more detail on this?
PS itâs fun to be on the outside now and asking these questions!
I think this deserves its own page⌠the iOS page briefly discusses it and then descends into battery life and accessibility features.
I just read a fintech blog about Monzo x Apple wallet instalment loans (fancy name for BNPL?) and wanted to know more. Can anyone from monzo enlighten us or give us a few breadcrumbs of information
It seems like itâs Apple sacking off their own BNPL they only launched last year in the US and doing it this way instead so itâs also now outside the US.
I can guarantee the answer would be No. Apple have very strict NDAs on this (See Apple Pay thread) whereby they canât give any info away etc, and itâs all announced by Apple
I also think this is distinct enough to be given itâs own thread, personally. Iâm interested to see how this would work in reality. Are Apple âfrontingâ the money or are the banks? Itâs not clear how this would work.
Monzo I sort of see since they have a BNPL offering, sorry, Credit card, in the form of Flex*. But HSBC donât offer anything like this as far as I know.
*Yes, I know flex is a âproper credit cardâ but I will die on the hill of it really being an interesting mix of BNPL and traditional credit card
EDIT: We have this and an apple in fintech - should they be merged @AlanDoe ?
People are reading way too much into what this is. Especially in light of Apple cancelling their own BNPL product.
This isnât some fancy new product offering banks can sign up for. Itâs literally just an API for credit card providers to expose their lending promotions through Apple Pay, be it Flexâs instalments or anotherâs rewards.
In short, if you buy something with Flex via Apple Pay, youâll choose your instalments via the Apple Pay checkout interface before paying, rather than in the Monzo app after the fact.
It really doesnât warrant its own thread at all. Itâs not as big as people are making it out to be.
Someone must be - I see this as a direct competitor to Paypal credit et al. So Iâd imagine somehow apple must be agreeing who does, and I canât see HSBC just doing that without some work from Apple to support from a financial services perspective.
For Monzo, probably. But what with HSBC? So I buy a new ÂŁ1100 iphone on installments but lets say I have only ÂŁ50 in the bank, for example? Someone must be advancing credit somewhere for the non Monzo integrations.
Iâm just curious as to how.
Ah wait, I saw the other post.
Fair enough but I thought it was quite interesting, personally.
From a quick Google of HSBCâs offerings, theirs is probably rewards. Theyâll let you redeem them via Apple Pay when you make the purchase rather than after the fact with the Mastercard rewards app would be my guess.
Like Amex, HSBC have a credit card that allows you to pay in fixed instalments. Nobody is fronting any money at all. Literally youâre just choosing a plan already available in an app just via Apple Pay.
If you only have ÂŁ50 credit limit left you wonât be able to buy a ÂŁ1,100 phone.
- good luck in new venture âalt-jackâ