Apple launches its own ‘Buy Now, Pay Later’ service in Apple Pay

By Edlyn Cardoza

According to Apple Insider, Apple has introduced Apple Pay Later, a new feature backed into the company’s payment platform that will allow users to split purchases into separate payments.

The Buy Now, Pay Later service will allow users to split any Apple Pay purchase into four equal payments over six weeks with no additional interest or fees.

When users make an Apple Pay purchase, they’ll get the option to split the cost. The purchase page will detail how much the individual payments are and when they will be due.

Payment plans are managed through Apple Wallet. The feature is also baked into the company’s payment platform, meaning it’ll already be supported in different apps and services.

In addition to the buy now, pay later service, the payment platform also supports intelligent order tracking for purchases, allowing users to easily see when their orders will arrive in the Wallet app.

Apple Pay is a system for storing credit and debit cards in Apple Wallet that can be used via NFC, in apps, or on the web. Any iPhone, iPad, Apple Watch, or Mac can use the company’s payment platform in certain situations. While it initially launched in 2013 only in the United States, Apple Pay is available in over 50 countries and territories globally. Many major retailers accept it, and most major point-of-sale retail terminals can process tap to pay transactions.