CaixaBank Becomes The First Financial Institution in Europe To Offer BNPL To Apple Pay Users
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CaixaBank became the first European bank to offer buy now, pay later (BNPL) services, but only for users who choose to pay with Apple Pay when checking out.
CaixaBank Announces BNPL For iOS Users
The bank said that users with devices running iOS 18 and iPadOS18 will be the first ones to have the option to make their payments in full or split the cost over multiple months and that they would be able to make that decision directly at the point of purchase when paying using their CaixaBank cards in Apple Pay.
Those who decide to use the new payment option will also have the option to do so when shopping online. They will be able to use Apple Pay and in-app on iPhone, iPad, or Apple Watch, according to the financial institution.
The bank previously closed the first month of this year with 4.4 million customers who have linked their cards to their mobile devices, showing that the figure is seeing a massive rise as customers become more comfortable with mixing their finances with technology.
In the past 12 months, over 800 million transactions included payments made from mobile devices that have had the users’ cards linked.
The first half of 2024 also brought over 30% of in-person purchases made with mobile devices linked to CaixaBank cards in Spain. Users are rapidly switching to making payments with mobile devices, and they seem to prefer the new method, which is why the bank has made an effort to introduce BNPL as well.
Apple Pay BNPL Has Arrived To Mainland Europe
According to the bank, the new functionality will grant customers the ability to see payment options available to them. They will easily be able to understand the cost that will come with their purchases, including any interest that might be included with the BNPL method.
At that point, they will be able to choose if they wish to pay all at once or split the payment into several monthly installments.
As mentioned, the move will make CaixaBank the first financial institution in mainland Europe to offer this service. Before CaixaBank, Monzo was the first one to introduce BNPL with Apple Pay in the UK, while Klarna added support for both the UK and US, and Affirm did it for its US customers.
Given that it has only been a few months since Apple killed off its own BNPL service to focus on collaboration with third parties, the quality of the new method seems to be appreciated by the users, given how fast the new integrations are spreading.
