Apple is expanding its “Pay Later” feature to more customers, the company announced on Tuesday. The feature allows users to split the cost of purchases into four installments over six weeks, with no interest or late fees.
Key Highlights:
- Apple is expanding its “Pay Later” feature to more customers.
- The feature allows users to split the cost of purchases into four installments over six weeks, with no interest or late fees.
- Apple is partnering with Goldman Sachs to offer the service.
- The expansion comes as buy now, pay later services become increasingly popular.
Apple is partnering with Goldman Sachs to offer the service. To use Apple Pay Later, customers must have an eligible Apple device and an Apple Card or another Mastercard or Visa credit or debit card issued by a participating bank.
To use Apple Pay Later, customers simply select the option at checkout when making a purchase. They will then be prompted to confirm their identity and payment information. Once the purchase is approved, customers will receive the item immediately and will be charged for the first installment. The remaining three installments will be charged automatically every two weeks.
Customers can view their Apple Pay Later balance and upcoming payments in the Wallet app. They can also make early payments or set up automatic payments.
Apple Pay Later is available for purchases made at participating merchants in the US. The company plans to expand the service to more countries in the future.
Buy Now, Pay Later Services Become Increasingly Popular
Apple Pay Later is one of a number of buy now, pay later services that have become popular in recent years. These services allow customers to split the cost of purchases into smaller, more manageable payments.
Buy now, pay later services are particularly popular among younger consumers. A recent study by Afterpay found that 73% of Gen Z shoppers have used a buy now, pay later service.
Buy now, pay later services can be convenient for consumers, but they can also lead to overspending and debt. Consumers should carefully consider their financial situation before using a buy now, pay later service.
Benefits of Apple Pay Later:
Apple Pay Later offers a number of benefits to consumers, including:
- Convenience: Apple Pay Later is easy to use and can be used at participating merchants in the US.
- Flexibility: Customers can split the cost of purchases into four installments over six weeks.
- No interest or late fees: There are no interest or late fees associated with Apple Pay Later.
- Security: Apple Pay Later uses the same security features as Apple Pay, so customers can be confident that their personal and financial information is safe.
Drawbacks of Apple Pay Later:
Apple Pay Later also has a few drawbacks, including:
- Limited availability: Apple Pay Later is only available to customers in the US with an eligible Apple device and an Apple Card or another Mastercard or Visa credit or debit card issued by a participating bank.
- Potential for overspending: Apple Pay Later can make it easier for consumers to overspend. Consumers should carefully consider their financial situation before using a buy now, pay later service.
Overall, Apple Pay Later is a convenient and flexible way to split the cost of purchases into smaller, more manageable payments. However, consumers should carefully consider their financial situation before using a buy now, pay later service.
