- “During its WWDC speech, Apple announced a new service called Apple Pay Later that will allow consumers to make mobile and online purchases sliced into four payments over six weeks at the millions of U.S. retailers that already accept Apple Pay. The offering won’t include fees or other charges, the company said, requiring only a “soft” credit check and review of the user’s transaction history with Apple.”
- “In 2021, online revenue through BNPL increased by 45% compared to 2019. McKinsey estimates fintechs have diverted up to $10bn in annual revenues away from banks over the past ~24 months with BNPL offerings.
- By embedding XAI, Temenos enables clients to pre-approve loan applications or propose variable installments in real-time based on pre-determined criteria, including soft and hard credit scoring, while providing transparency into how decisions are made. This enables banks and fintechs to lend ethically, provide transparency into recommended payment schedules during the application process, and ensure that consumers can afford the repayments.”