Monzo and Affirm roll out new Apple Pay features for flexible payments
Monzo and Affirm have launched new features integrated with Apple Pay, enhancing payment flexibility and convenience for users in the UK and US. Monzo’s Flex credit card offers regulated monthly payment options, while Affirm expands its Buy Now, Pay Later (BNPL) services to Apple Pay users in the US.
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Marina Mouka
- September 17, 2024
- 3 minutes
Monzo and Affirm have launched new features integrated with Apple Pay, enhancing payment flexibility and convenience for users in the UK and US. Monzo’s Flex credit card offers regulated monthly payment options, while Affirm expands its Buy Now, Pay Later (BNPL) services to Apple Pay users in the US.
Monzo’s UK first
Monzo has become the first UK bank to offer Apple Pay Monthly Payments, enabling users of its Flex credit card to spread their payments over several months directly at checkout. This new feature, available to customers using iOS 18 and iPadOS 18, allows for either full payment or instalments, with users able to see the total cost and any interest before completing their purchase.
Kunal Malani, General Manager at Monzo, commented, “Our customers love using their Flex credit card with Apple Pay and we’re thrilled to be the first bank to bring this feature to Apple Pay users in the UK. Now our customers are able to choose their monthly payments—right at checkout with Apple Pay when using their Monzo Flex credit card. This brings an even more convenient experience for our customers when shopping online.”
Monzo’s innovation comes as part of a broader trend, with the bank recently securing €397 million in funding from investors including CapitalG, Google Ventures, HongShan Capital, and Tencent. This positions Monzo as a leader in digital banking and a significant player in the evolving BNPL market.
Affirm expands in the US
Across the Atlantic, Affirm has also enhanced its BNPL offerings by integrating with Apple Pay in the US. Starting today, Apple Pay users can opt to pay over time using Affirm, with options for biweekly or monthly payments at rates starting from 0% APR. This integration aims to combine Apple Pay’s ease, convenience, and security with Affirm’s flexible payment solutions.
Vishal Kapoor, Affirm’s Senior Vice President of Product, stated, “We are thrilled to bring the power of Affirm to Apple Pay users in the U.S. and the retailers where they shop. This integration combines the ease, convenience, and security of Apple Pay alongside the features users love in Affirm—flexibility, transparency, and no late or hidden fees.”
Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet, added, “We are excited to provide users with even more flexibility and choice when making a purchase using Apple Pay with the introduction of Affirm loans at checkout with Apple Pay. This gives users access to Affirm’s pay over time options right at the point of purchase, and leverages the easy, secure, and private experience that our users already enjoy with Apple Pay.”
Users with iOS 18 and iPadOS 18 or later can select “Other Cards & Pay Later Options” at checkout, go through a quick eligibility check, and choose from customised payment plans. Affirm maintains its commitment to responsible lending, ensuring that transactions are individually underwritten and free from late or surprise fees.
Both Monzo and Affirm’s new features represent a growing trend of integrating BNPL services with major digital payment platforms, reflecting an increasing consumer demand for flexible and transparent payment options.
Other banks preparing to roll out similar services include ANZ in Australia, HSBC in the UK, CaixaBank in Spain, and Citi Synchrony, along with issuers partnered with Fiserv in the US.
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