Apple is launching a new feature for Apple Pay to let you pay for your purchases in four installments without interest, called Apple Pay Later. This is Apple’s take on a buy now, pay later (BNPL) service that’s integrated directly into Apple Pay and comes with iOS 16.
Buy now, pay later, services have increased. You’ve probably seen names like Affirm or Klarna when shopping on the web, and Block (formerly Square) jumped into the space with its acquisition of Afterpay. Apple has been rumored to be working on its own service for some time, and it looks like what was announced at WWDC on Monday will be a natural extension of the company’s strategy to encourage people to buy things using Apple Pay.
You will be able to pay installments over six weeks. You will pay the first payment in advance and the other three every two weeks. Payments are handled in the Wallet app and you can prepay them if you wish.
“Users can request Apple Pay Later when making a payment with Apple Pay or in Wallet,” Apple said in a press release. “Apple Pay Later is available wherever Apple Pay is accepted online or in-app, using the Mastercard network.”
Apple Pay Later is one of many announcements already revealed at WWDC for iOS 16, including order tracking, editable texts and a revamped lock screen.
Development…we are adding more to this post, but you can follow up with our WWDC 2022 Live Blog to get the news even faster.