Apple Unveils Buy Now, Pay Later Option
Apple Pay Later will now allow users to split the cost of their purchases into four, interest-free payments anywhere Apply Pay is accepted, as reported by Fox Business.
The new BNPL option, according to Fox Business, will be available in the wallet app when Apple releases iOS 16 in September.
BNPL providers partner with retailers to allow shoppers to pay for purchases through an installment plan.
These interest-free payments are typically due within a few weeks after the time of purchase.
In a statement, Apple wrote, “Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind.
“Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet.
“Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet,” the company continued.
“Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network. Additionally, with Apple Pay Order Tracking, users can receive detailed receipts and order tracking information in Wallet for Apple Pay purchases with participating merchants.”