Apple is launching a new feature for Apple Pay that allows you to pay for purchases in four installments without interest, called Apple Pay Later. It’s Apple’s take on a buy now, pay later (BNPL) service, built into Apple Pay and shipped with iOS 16.
Buy now, pay later services are on the rise. You’ve probably seen names like Affirm or Klarna when shopping on the web, and Block (formerly Square) jumped into space with its acquisition of Afterpay. Apple has been rumored to be working on its own service for quite some time, and it looks like what was announced Monday at WWDC will be a natural extension of the company’s strategy of encouraging people to buy things with Apple Pay.
You can pay in installments in six weeks. You pay the first payment in advance and the other three every two weeks. Payments are managed in the Wallet app and you can prepay them if you wish.
“Users can request Apple Pay Later when checking out with Apple Pay or in Wallet,” Apple said in a press release:† “Apple Pay Later is available wherever Apple Pay is accepted online or in-app, through the Mastercard network.”
Apple Pay Later is one of several announcements already unveiled at WWDC for iOS 16, including order tracking, editable texts, and a revamped lock screen.
Developing… we’ll add more to this post, but you can follow us with our WWDC 2022 live blog to get the news even faster.