One of the leading branding companies in the world, Apple is currently working on a ‘Buy Now Pay Later’ (BNPL) service as part of its latest operating system, iOS 16.
Apple Pay Later will be designed to allow users in the United States to spread the cost of a purchase into four payments in instalments over a 6-week period without paying any additional interest or fees.
The move comes as part of a range of new iPhone features, including the ability to edit iMessages and a feature intended to help people in abusive relationships.
The new features were unveiled at WWDC, the firm’s annual developers’ conference.
BNPL services – which are currently unregulated in the UK – have been criticised for the way they are used by low-income groups.
Panorama reported in December 2021 that an estimated 15 million adults of all ages in the UK are actively using BNPL, with the main operators offering the service in the UK being Klarna, Clearpay, Laybuy and PayPal.