Chase angles for end-run around credit card companies

Browsing the Apple Store there is a new payment method available. Buy Now Pay Later appears to be Chase's end run around the credit card companies. The terms are little different from your standard high-interest credit cards. Conveniently for Chase they forget to mention how long the grace period is before the high rates kick in. Over and over the frequently asked questions it makes the claim that fraud protection is "like credit cards" with no liability for fraudulent transactions.

One is left to wonder how many banks will setup similar end-runs around the big credit card companies in an attempt to keep more of the processing fees for themselves.