Apple Pay Later could finally be ready to launch.
Graphics: Apple/Rajesh
Apple’s Buy Now, Pay Later service Apple Pay Later has finally entered retail beta testing. The move comes months after the company announced the service at WWDC22.
Apple Pay Later is now available in beta for Apple retail store associates. This signals that the funding option is nearing its release.
Pay for your transactions in 4 interest-free installments
Apple is working with its Apple Card partner Goldman Sachs on the Buy Now, Pay Later service. Bloomberg reports that Apple Pay Later allows you to split a purchase into four installments that must be paid over six weeks. There are no additional interest or fees for this.
Apple and Goldman Sachs are effectively giving you a short-term, interest-free loan for your purchases. The Cupertino giant has over 80,000 employees in retail stores across the US, giving it a large user base to try out the service before launch.
The two companies are also working on Apple Pay Monthly installments. This allows you to spread a large transaction over several months, presumably with a marginal rate of interest.
PayPal and Affirm Holdings already offer a similar “buy now, pay later” service in the US.
Apple Pay Later could debut with iOS 16.4
With the Buy Now, Pay Later service entering retail testing, Apple could release it publicly with iOS 16.4. The operating system could enter beta testing over the next few days, with the stable build landing sometime in March or April 2023.
Apple Pay Later will be part of the Wallet app on iPhone. The feature was originally scheduled to roll out in September 2022 with iOS 16. However, due to engineering and technical issues, the company had to postpone the launch.
Apple formed Apple Financing LLC, a wholly owned subsidiary for Apple Pay Later. This also allows the company to add more options to the service in the future.
Source: www.cultofmac.com
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