STAMFORD, Conn., Jan. 17, 2025 /ennovaterz/ — Synchrony (NYSE: SYF), a premier consumer financial services company, is enhancing the way consumers securely shop online and in-app when checking out with Apple Pay on iPhone and iPad. Eligible Synchrony Preferred Mastercard, Synchrony Plus World Mastercard, or Synchrony Premier World Mastercard holders can now choose to pay with the standard terms of their credit card, or use a promotional offer that includes fixed monthly payments.1
To use a Synchrony Mastercard with Apple Pay, customers will first need to add their Synchrony Mastercard to Apple Wallet. When checking out with Apple Pay online or in-app using iPhone and iPad, users will be able to select their Synchrony Mastercard, and if eligible, tap Pay Later to view their available promotional offer. Users can then make a selection and complete the quick and seamless checkout process with Apple Pay.
“The ability for customers to choose fixed monthly payments in Apple Pay with the Synchrony Mastercard builds upon our leadership in digital payments and represents a big leap forward in offering our customers an enhanced level of flexibility and choice at checkout,” said Florin Arghirescu, Chief Product Officer, Synchrony. “We believe this simplifies digital payment transactions and provides cardholders with the ability to make purchases in ways that work best for them.”
The PYMNTS Intelligence report “Cash Flow Shortages Drive Consumers’ BNPL Usage” found that BNPL is prized by consumers as a flexible alternative to traditional credit in times when they are dealing with cash flow pressures. “Cash flow compromised consumers” are 3.5 times more likely to use BNPL than other groups of consumers.
This week, the Consumer Financial Protection Bureau called for additional research into BNPL after finding that BNPL borrowers carried higher balances on other credit lines. More than one-fifth of consumers with a credit report used BNPL loans in 2022, while more than 60% of BNPL users had simultaneous BNPL loans.
Apple Pay provides users with an easy, secure and private way to pay. As with all Apple Pay purchases, when a user pays with a Synchrony Mastercard with Apple Pay, Apple does not retain any transaction information linked to the user.
Synchrony plans to expand the ability to pay for eligible purchases with fixed monthly payments to more Apple Pay users across the company’s portfolio of co-branded cards.
Later this year, consumers will also be able to view and redeem rewards from eligible Synchrony-issued cards when checking out online and in-app on iPhone and iPad with Apple Pay, bringing even more flexibility and choice to the checkout experience than ever before.
