Apple launches ‘Apple Pay Later’ service that enables Buy Now Pay Later (BNPL) using Apple Pay, a mobile payment service
With Apple Pay Later, you can buy things right away, pay in 4 installments over 6 weeks with no interest or fees, and the first installment will not affect your credit score in a way that is done at the time of purchase
Service users apply for a loan from a minimum of $50 to a maximum of $1,000 in the Apple Wallet app. Credit evaluation and loans are handled by subsidiary Apple Financing, and merchants activate this service through the Mastercard installment program.
According to Apple’s announcement, this payment option is currently being piloted to select users in the United States and plans to roll it out to all eligible customers in the coming months.
Since the launch of Apple Pay in 2014, Apple has partnered with Goldman Sachs to launch a credit card, the ‘Apple Card’, and is expanding its business area in the financial sector by launching the BNPL service this time.
