How Does Apple Pay Later Fare Against Other BNPL Players in Singapore?

Annette Anthony
Last updated Jun 15, 2022
Source: Shutterstock

Buy Now Pay Later (BNPL) has become an increasingly popular payment option among Singaporeans, and now Apple has entered the market. Will Apple Pay Later be a game changer for you? How will it differ from other BNPLs here? 

Recently, Apple announced a new Buy Now Pay Later (BNPL) feature specifically for iPhones under iOS 16, which is due for release soon. Exciting stuff! 

Before we compare it with other BNPL services, let’s take a look at how it works. 

At a glance, the Apple Pay Later will allow you to:

  • Make payments seamlessly and securely 
  • Split an Apple Pay purchase into four equal payments over six weeks
  • Not pay interest or fees of any sort (unless the user’s bank charges for insufficient funds, which is another matter altogether)
  • Receive a comprehensive receipt and tracking information in Apple’s Wallet app (for Apple purchases with specific merchants)
  • Control information provided in the app
  • Review and consent via Face ID or Touch ID

How to use Apple Pay Later?

In order to use Apple Pay Later, you would have to:

  • Be a registered Apple Pay Later user and link the account to your Apple device of choice
  • Submit an application through the iPhone Wallet app, which is subject for approval
  • Submit a copy of your NRIC 

As Apple would likely conduct a soft credit check, missing repayments could negatively impact your credit score, so be sure to make your payments on time.

How to pay with the Apple Pay Later plan

There are two payment options with an Apple Pay Later purchase:

  • Apple Pay in 4: Across four interest-fee repayments (first payment to be made upfront, the rest to be made bi-weekly)
  • Apple Pay Monthly Instalments: Across a few months with interest

You may use any credit card registered with Apple Pay for online and physical store purchases.

Upcoming payment features with Apple

Apple has a few plans up its sleeve for upcoming digital payment features. They recently acquired a company that has the technology to allow phones to tap another phone or a credit card to make payments. Pretty handy and convenient when you need to transfer funds. 

Additionally, the company is exploring temporary digital cards (Apple Pay Card) for individual purchases. Click to know more about Virtual Credit Cards in Singapore and how they work.

What’s the difference between Apple Pay Later and other BNPLs in Singapore?

As of now, there are eight BNPL players in Singapore. Here is a summary of their key features as compared to Apple Pay Later. 

BNPLTenurePayment modeLate payment fee
Apple Pay LaterTwo months or four payments every two weeksApple Pay, MastercardZero interest, no fees (subject to bank if card has insufficient funds) 
AtomeThree months Debit/credit cardFrom S$15, capped at S$30 per transaction
Grab PayLaterFour monthsGrabPayS$10-S$30 per order
hoolahThree monthsDebit/credit cardS$5-S$30 per order
paceThree monthsDebit/credit cardFrom S$10 to 25% of order value
FavePay LaterThree monthsDebit/credit card1.5% on total late payable
OctiFiThree monthsDebit/credit cardFrom S$15 per order
Rely PayLaterThree months or four payments every two weeksDebit/credit cardS$1-S$40 per order
SplitThree monthsDebit/credit cardNot available
Source: Apple, Seedly

Pros and cons of Buy Now Pay Later 

BNPL plans, just like every other loan, can work wonders when used with prudence. There may be some downfalls too. SingSaver lists down the pros and cons of BNPL, right below. 

ProsCons
Easier to shop online or offline. No need to rush to ATMs to withdraw cash or go to infinity and beyond with your budget. Some BNPL may impose high interest rates for late repayments (be sure to read the terms and conditions) 
Allows payments in a few instalments, even for small purchasesSince you’re paying in smaller sums, you may be overcome with a sense of affordability
Reward points
Source: Singsaver

Interested to know more about BNPL in Singapore?

Read these next:

Split Review: A Shariah Compliant BNPL Platform

Buy Now Pay Later Comparison Guide: Atome, Hoolah and Rely

5 Credit Cards That Will Help You Save The Most Money in 2022

6 Things To Know About 0% Interest Credit Card Instalment Plans

Should I Use My Credit Card to Pay for Everything?


By Annette Rowena A Marian Anthony

Annette is addicted to the need for balance – between saving and spending, work and life, and Netflix and books. When she’s not looking for inventive ways to write about finance, Annette can be found with a cup of caffeine while scrolling on Insta reels and Twitter threads.


Annette Anthony June 15, 2022 91473