Apple’s Pay Later Services May Not Be Payment Protected
With so much going in the banking industry, customers may not trust FDIC, but could these buy now pay later services be bad news, including Apple’s pay later service?
After doing some research, pay now later services would be covered under the Truth and Lending Act. According to CTV News, these services are not covered in the United States. The Truth and Lending Act brought about regulations for credit cards and also for loans. From what I’ve read, this will be considered an installment loan. I’m not sure how these type of things can get away with not being covered under this act. To me, I would think that it will make it difficult to possibly dispute things that are incorrect and whatnot. I would be upset if I ordered something on a buy now pay later system and say never received the product.
Apple is creating their own version from what I’ve researched. It will allegedly be called “Apple Pay Later” and will be through Mastercard. This will open up so many different avenue of sales for Apple because it will make the product just a little bit more affordable by having the option to break the payments up. Will you be participating?
