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Apple will soon lend users money to buy its products and services

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New update in Apple's iOS

One of the most intriguing announcements to come out of WWDC 2022 was the launch of Apple Pay Later.

A new service that lets users split a payment made using Apple Pay into four equal payments over six weeks, without incurring interest or late fees, Apple Pay Later was warmly welcomed by users looking for more flexibility when making big purchases.

Apple has now revealed more details on exactly how the service will run, including the rather major detail that it will actually be managing the finances and lending involved in Apple Pay Later itself.

Buy Now Pay Later

Apple introduced a new service called Buy Now Pay Later or Apple Pay Later at its Worldwide Developers’ Conference (WWDC) 2022 earlier this week. The service, as the company explains, enables Apple Pay users to split the cost of an Apple Pay purchase into four equal payments that are spread over a span of six weeks.

Pay Later will be built into the Apple Wallet and eligible for use on any purchase made through Apple Pay. Customers will be able to split the cost of purchase into four equal payments, with zero interest and fees, spread over a period of four months.

To qualify, however, Apple will first do a soft credit check on users wanting to use the service. The technology behemoth claims it has designed the feature with “users’ financial health in mind”.

It’s likely Apple is trying to consolidate its foothold in the world of consumer finance, and increase its profitability. And consumers should be aware of the risks of using such a service.

Apple: the consumer darling With the launch of Pay Later, Apple will be competing with many other similar fin-tech companies including PayPal, Block, Klarna, and AfterPay – some of which saw their share prices fall following Apple’s announcement.

Consumer darling

With the launch of Pay Later, Apple will be competing with many other similar fin-tech companies including PayPal, Block, Klarna, and AfterPay – some of which saw their share prices fall following Apple’s announcement.

Apple will benefit from its huge market and brand power, with the capability to attract millions to its products and services. And with an acute focus on customer experience, Apple has managed to foster a community of evangelists. There is no doubt the company is a consumer darling.

Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time. Rivaling the “buy now, pay later” offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc.

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