Apple is launching a new feature for Apple Pay that will allow you to pay for purchases in four installments over time without interest, called Apple Pay Later. It is Apple’s adoption of a service now buy, pay later (BNPL), integrated directly into Apple Pay and comes with iOS 16.
Buy now, pay later services have been increasing. You’ve probably seen names like Affirm or Klarna while shopping on the web, and Block (formerly Square) jumped into space significantly with its Afterpay acquisition. It has been rumored that Apple has been working on its own service for some time, and it looks like what was announced Monday at WWDC will be a natural extension of the company’s strategy to encourage people to buy things with Apple. Pay.
You will be able to pay installments for six weeks. You will pay the first down payment and the other three every two weeks. Payments are handled in the Wallet app, and you can pay in advance if you wish.
Here’s what the payment schedule looks like. Image: Apple
“Users can request Apple Pay later when they make a purchase with Apple Pay or Wallet,” Apple said in a press release. “Apple Pay Later is available wherever Apple Pay is accepted online or from the app, via the Mastercard network.”
Apple Pay Later is one of many announcements already revealed at WWDC for iOS 16, including order tracking, editable text, and a revamped lock screen.