Starting August 26, the cost to make an Apple Cash Instant Transfer will be 1.5 percent of the transfer amount, with a minimum of 25 cents and a maximum of $15. Transfers can also be done through ACH to users’ bank accounts. That money will be transferred in one to three business days for no fee.
The new BNPL offering will allow Apple customers in Canada to pay for Apple devices, like iPhones, Macs, and iPads, over a period of one to two years.
The companies will be debuting the new program via Apple’s eCommerce and brick-and-mortar retail stores in Canada.
A report in July indicated that Apple Pay users would have access to a so-called “Apple Pay Later,” which would allow users to purchase products and then pay for them in monthly installments. Per the report, Apple Pay and Apple Pay Later would be connected once Apple launched the new offering. The program won’t be unfamiliar to Apple users — as previously noted, the Apple Pay Later and the Apple Card Monthly Installments program have similarities.
At the end of July, Apple had its best-ever quarter. The tech giant nearly doubled its profits, which far exceeded expected forecasts for revenue, earnings, iPhone sales and services.
Initially, the company expected revenue to be $73.30 billion. However, revenue came in at $81.41 billion, up 36 percent year-over-year.
Apple experienced double-digit growth in its services product categories with growth in paid subscriptions being notable. As such, Apple’s services brought in over $17 billion.
Stronger than anticipated watch sales drove the wearables, home and accessories arena which grew 36 percent year-over-year to nearly $9 billion. The App Store, which also did well, had a combined billings and sales increased by 24 percent to $643 billion in 2020.