Apple is entering the installment plan arena with its new Apple Pay Later.
The new program is Apple’s spin on AfterPay, allowing users to pay for goods and services in four installments. The service will be built right into Apple Pay for iPhone users’ convenience with the new iOS 16 update.
With the rise of buy now, pay later services on nearly any goods or services, Apple has been developing its offering for quite some time. The move will also encourage more users to make purchases using Apple Pay, the built-in digital debit card. Apple Pay Later will work by paying the initial payment upon purchase. The purchasing page will specify how much each payment will cost and when it will be due. Then, the payments will automatically be deducted every two weeks from the card connected to Apple Pay. Users can keep up with payments in the Wallet app. Buyers can make payments in advance, and extra payments may be applied.
In addition to Apple Pay Later, the platform also wants to streamline the entire purchase. Apple Pay will begin supporting order tracking, which will allow users to see when their orders will arrive in the Wallet app.