Apple Inc. and Affirm Holdings Inc.’s PayBright are planning to launch a “buy now, pay later” program for Apple device purchases in Canada, stepping up the iPhone maker’s ambitions to offer more financial services.
The companies plan to debut the initiative this month at Apple’s online and physical retail stores in Canada, according to a message sent to Apple retail employees in the region, which was obtained by Bloomberg News. The service will let iPhone, Mac, and iPad buyers in Canada pay for purchases over 12 or 24 months instead of in-full at the time of the transaction. Apple told staff it will offer the program interest-free for a limited time after the launch.
This will become Apple’s first installment program in Canada in several years. Apple has offered a buy now, pay later system for Apple purchases via its Apple Card credit card with Goldman Sachs Group Inc. in the U.S. since last year, but the card isn’t available internationally. Apple has also long offered monthly iPhone payment plans in some countries.
“Some customers visiting Apple want to buy now and pay later,” Apple told staff in Canada. “Now, they have a new option that lets them pay over time for their favorite Apple products.” The company also told staff the program would roll out on Aug. 11. Spokespeople for Apple and Affirm declined to comment.