The Zip Co Ltd (ASX: ZIP) share price is sliding on Wednesday. It comes as Aussie investors get the chance to react to the United States launch of Apple Inc (NASDAQ: AAPL)'s buy now, pay later (BNPL) offering overnight.
The Zip share price is currently trading at 52.5 cents – a 0.94% fall on its previous close.
For comparison, the All Ordinaries Index (ASX: XAO) is up 0.17% at the time of writing. Meanwhile, shares in Afterpay owner Block Inc (ASX: SQ2) are gaining 0.06%.
That's a far better performance than industry peer Affirm Holdings Inc (NASDAQ: AFRM) put on overnight. Its share price plunged 7% while that of Apple dipped 0.4%.
So, what exactly went down in the BNPL arena last night? Let's take a look.
Apple launches Pay Later in US
The Zip share price is in the red today amid the launch of Apple Pay Later in the world's biggest economy.
Right now, a pre-release version of the BNPL product has been made available to select users, with plans to roll the product out to all eligible users in place.
The BNPL offering will work a lot like those we already know. Purchases can be split into four payments and spread over six weeks, with no interest or fees charged.
Users can apply to receive loans of between US$50 and US$1,000. They can then use Apple Pay Later to pay for online and in-app purchases with any merchant that accepts Apple Pay.
The BNPL product is enabled through the Mastercard Instillments program. Goldman Sachs is the issuer of the Mastercard payment credential used to complete purchases.
Zip share price snapshot
The Zip share price has continued to tumble in 2023.
The stock is currently down 5% year to date. It's also fallen 66% since this time last year.
Comparatively, the All Ords has risen 1% since the start of the year and has fallen 7% over the last 12 months.
