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This morning Apple introduced Apple Pay Later in the U.S. The new service is designed with users’ financial health in mind. Apple Pay Later allows users to split purchases into four payments, spread over six weeks with no interest and no fees.
Apple Pay has been around for years as a seamless way to pay for purchases on Apple devices from websites, apps, or physical stores. There’s now a feature for splitting any purchase across multiple payments: Apple Pay Later.
With Apple pushing into the lending business with a buy now/pay later service, the company is laying out rules for how it will approve transactions. One key factor: whether you've been a good customer in the past.
Apple Pay Later was first announced in last June and planned to be released last September as part of iOS 16.
Apple's upcoming Apple Pay Later feature has entered the next level of testing as the Cupertino tech giant expands the service to its retail employees.