Apple will soon enter the rising 'buy now, pay later' business. Shoppers who use Apple Pay on a purchase can break that cost up into smaller payments.
What is Apple Pay Later?
It's Apple BNPL service where shoppers who use Apple Pay on a purchase can break that cost up into smaller payments. It's eligible to any Apple Pay users who check out with the service online or in app.When shoppers check out with Apple Pay, they get the option to pay in full or pay later. When choosing to pay later, shoppers can break down their purchase into four separate payments over six weeks, with no interest or fees. The service is run using Mastercard's network.
Using the Wallet app, users can track the purchases where they used Apple Pay Later and when their next payment is due.Apple said Pay Later will be available in a future update for qualifying applicants in the U.S.,Apple Pay Later isn't the only feature unavailable during last week's launch of iOS 16. Later this year, Apple will roll out the iCloud Shared Photo Library.
Also launching later this year: Live Activities, which brings real-time updates of events directly to the lock screen.
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