When Apple said in July at WWDC22 it would launch Apple Pay Later with iOS 16, it effectively said it would enter the short-term loan business, known for “buy now, pay later” plans.
So it’s no big surprise that the Cupertino tech giant — accustomed to regulatory scrutiny in the U.S. and abroad — is now facing it from financial industry regulators.
But what’s somewhat surprising is that regulators are making noise about a host of concerns even before Apple Pay Later comes out.