Aussie BNPL Stocks Drop As Apple Enters Space
Numerous Australian buy now pay later companies have fallen after Apple officially announced it will be entering the space.
Apple announced at WWDC that Apple Pay Later will be available through the iOS 16 update, due later this year.
“Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet,” Apple said.
“Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the MasterCard network.”
Zip fell 13.73 per cent to 66c, the lowest price since December 2017.
Sezzle dropped 7.2 per cent to 45c, while Block dropped 3.14 per cent to $112.31.
Zip is putting on a brave face.
“Zip embraces competition,” a Zip spokesman said.
“New players entering the market is great validation that what Zip is doing is resonating. And competition keeps us on our toes to keep delivering great products and services and that can only be a win for customers and merchants.”