Apple has launched a new buy now, pay later service that allows customers to make purchases on their Apple devices and pay for them over time. The service, called Apple Pay Later, is available in the US and will soon be rolled out globally.
The service offers two payment options: Apple Pay Later Installments and Apple Pay Later Monthly. With the installment option, customers can split their purchase into four interest-free payments made every two weeks. With the monthly option, customers can spread the cost of their purchase over several months with interest.
Apple Pay Later is designed to be easy to use, with customers able to sign up directly from the checkout page of participating merchants. The service is integrated with the Apple Wallet app, which allows customers to manage their payments and view their payment history.
The launch of Apple Pay Later comes as the buy now, pay later market continues to grow rapidly. In recent years, several companies have entered the market, offering consumers the ability to make purchases without having to pay for them upfront. This has become increasingly popular, particularly among younger consumers who are more comfortable with online shopping and using digital payment methods.