With the rising cost of living as a result of inflation, more Americans than ever are looking for methods to save money, and Apple has come to the rescue. Apple Pay Later, the company’s version of the ever-popular “Buy Now, Pay Later” option, was unveiled alongside the launch of a slew of new features in iOS 16.
Apple users who have yearned for the day when they would be able to spread out their payments for purchases have now gotten their wish. According to @Verge, Apple Pay Later, which can be used from your existing Apple Pay account, allows you to pay for items in four installments without interest and can be accessed from your existing Apple Pay account. Purchases can be made over the course of six weeks, with the first payment due immediately and subsequent payments due every two weeks.
“Users can apply for Pay Later when they are checking out with Apple Pay, or in Wallet,” according to a press release detailing different new capabilities on iOS 16. Apple Pay Later is accepted wherever Apple Pay is accepted online or in-app, as long as the Mastercard network is used.”
Services that allow you to buy products and pay over time have grown in popularity in recent years, with businesses like Afterpay, Klarna, Zip, Affirm, and PayPal in 4 attracting millions of users who want the convenience of not having to pay for everything at once. Apple has undoubtedly understood that there is a sizable market for the service, and it now has its own version.
iOS 16 will be available in September, and users will be able to take use of new features such as Pay Later, editable text messages, and a redesigned lock screen.