Apple says support for redeeming rewards with more partners is coming to Apple Pay
On Thursday, Apple celebrated 10 years with Apple Pay and announced how the service will evolve in the future, including features like redeeming rewards
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Apple Celebrates 10 Years of Apple Pay, Unveils Ambitious Future Plans
Apple marked a major milestone on Thursday, commemorating the 10-year anniversary of Apple Pay, its groundbreaking mobile payment service. To celebrate this achievement, the company revealed its plans for the future, including the introduction of new features and partnerships that will further transform the way we pay.
One of the key announcements was the expansion of installment loan options through Apple Pay. Starting today, users in the US and UK will have access to loans from Affirm, Monzo Flex, and Klarna. Additionally, Apple plans to expand access to installment loan options to include those from eligible credit or debit cards, such as Citi and Synchrony in the US, and other participating issuers with Fiserv. Outside the US, these options will be available from ANZ in Australia, DBS in Singapore, CaixaBank in Spain, and HSBC, NewDay, and Zilch in the UK. Furthermore, Klarna will be rolled out to Canada in the future, marking a significant expansion of the service.
The company's decision to discontinue its own "buy now, pay later" service, Apple Pay Later, and instead partner with Apple Pay-enabled banks and lenders to offer installment loans, is a significant shift in its strategy. This move will allow Apple to focus on providing a seamless payment experience while leaving the lending and credit aspects to its partners.
Apple Pay's vice president, Jennifer Bailey, hinted that the addition of loan providers is just the beginning of further changes for the payment service and wallet. She mentioned that consumers will soon have the option to redeem rewards, which Apple Pay-enabled issuers and lenders can use to better connect with their customers. This feature is already available with select Discover credit cards, but Apple promises more partners are on the way.
The company's ultimate goal is to replace users' physical wallets entirely, which it has been working towards with the app's support for digital tickets, transit cards, keys, and government IDs. While the adoption of digital IDs varies by state, Apple has made significant progress, with California, Arizona, Colorado, Georgia, Hawaii, Maryland, and Ohio NOW supporting digital driver's licenses and state IDs.
Apple Pay has come a long way since its launch, with hundreds of millions of consumers across 78 markets using the service on millions of websites and apps, and in tens of millions of stores worldwide. The payment technology is supported by over 11,000 bank and network partners.
In conclusion, Apple's 10-year anniversary of Apple Pay marks a significant milestone in the company's efforts to revolutionize the way we pay. The addition of new features and partnerships will continue to shape the future of mobile payments, and Apple's commitment to replacing physical wallets with digital alternatives is an exciting development in the world of FinTech. As Apple continues to innovate and expand its services, it is clear that the future of payments is bright and exciting, with Apple Pay at the forefront of this transformation.
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