CaixaBank has become the first financial institution in continental Europe to offer buy now, pay later (BNPL) services for users checking out with Apple Pay.
Customers of CaixaBank using iOS 18 and iPadOS 18 will soon have the option to either pay the full amount or spread the cost over several months directly during checkout when using their CaixaBank cards with Apple Pay. This option will be available for online shopping and in-app purchases on iPhone, iPad, and Apple Watch.
At the beginning of the year, CaixaBank reported having 4.4 million customers with cards linked to mobile devices, and this number is increasing, with over 800 million transactions occurring in the past 12 months. In the first half of 2024, more than 30% of in-person purchases made in Spain with CaixaBank cards were completed using mobile phones.
The new functionality will allow customers to view available payment options, understand the costs—including any potential interest—and select their preferred payment method before completing their transactions.
CaixaBank is leading in mainland Europe with this service, following the examples set by Monzo in the UK, Klarna in the US and UK, and Affirm in the US. This announcement comes shortly after Apple discontinued its own BNPL service, choosing instead to collaborate with third-party providers for installment loans.
Other banks reportedly preparing to launch similar services include ANZ in Australia, HSBC in the UK, Citi Synchrony, and several issuers working with Fiserv in the US.