Consumers right round the world were wrapped when Apple announced its own buy now, pay later service, but shares in rival companies have tumbled off the back of the news

On Tuesday, Affirm, PayPal and Jack Dorsey’s Block fell between 1 and 4.8 per cent, while Australia’s Zip and Sezzle closed down over 5 per cent and more than 14 percent, respectively.

It’s already been a tough few months for the sector, which has been battling ongoing geopolitical tensions, increasing regulations and rising interest rates.

To add to this mix, Apple’s new service dubbed Apple Pay Later is now a direct threat to the market share of the world’s current BNPL players.

The tech giant’s move into the space will almost automatically make Apple the most accepted buy now, pay later product in the world.

Apple Pay is already used by 85% of all U.S. merchants, which is enormous when compared with any of the company’s other rivals.

But competitors are remaining positive, with Affirm confident about long-term prospects.

A company spokesperson says the company is positioned well to be the industry leader in the not-too-distant future.