Apple Pay Later would be rolled out as a part of the iOS 16 update
Apple recently unveiled its new feature, Apple Pay Later. The feature allows users in the U.S to split purchases made in the U.S. to split the payment into four equal installments spread over six weeks with no interest or fees. Apple Financial LLC, Apple's new wholly-owned subsidiary created to manage the company's financial services, will be in charge of the new feature. Apple Pay Later will be available on all platforms Apple Pay is available. Apple Wallet would enable the efficient tracking and management of the installments. A credit check would be done by Apple check to ensure that customers are in a financial position to fulfill the payments. A debit card should be linked as the repayment method.
The app will also notify the users when it's time for the next payment. The feature was introduced at the company's Worldwide Developers Conference. Apple Pay Later would be rolled out as a part of the iOS 16 update. Apple also launched its card, Apple Card, in partnership with Goldman Sachs. The tech giant is no longer just sticking to the hardware and software realm and is extending its arms into the financial space. Apple is gearing up to compete with similar fin-tech companies such as PayPal, AfterPay, etc.