The fee-for-service business is better than the lending industry. Apple, with a user base of around 1bn people, has the luxury of picking which to join. The iPhone giant has therefore announced Apple Pay Later. This attempt to crack the “buy now, pay later” consumer finance sector would steer clear of credit risks and banking regulation.

BNPL start-ups such as Klarna, Afterpay and Affirm reached dizzying heights by challenging traditional credit card incumbents. But worries about high overheads, untested underwriting standards and dwindling consumer demand have sent their valuations crashing. Apple’s launch timing is curious.

So far, the details of Apple Pay Later’s plumbing are scant. What is clear is that Apple’s ubiquity as a consumer products business solves many of the problems inherent in building a retail financial dynamo.