Apple on Tuesday launched an option in its digital wallet allowing customers to pay for online purchases in installments, making it the latest company to embrace the buy now, pay later trend.
The new feature, called Apple Pay Later, lets customers split payments for purchases into four installments over six weeks, with the first installment due at the time of purchase.
Apple users can also apply for a loan within the Wallet app, ranging from $50 to $1000,
Apple first teased the feature last year.
a prerelease version of Apple Pay Later is being launched. This is a new service that allows Apple Pay users to split their purchases into four equal payments -- over six weeks -- with no interest or fees.
Apple Pay Later is available for purchases in apps and online when customers check out with Apple Pay.
Apple Pay Later is a convenient way to finance purchases that customers may not be able to afford to pay for all at once.
Customers are not borrowing money from Apple or from a bank. Instead, they are simply splitting their purchase into four equal payment.