Later this fall, Apple Pay Later will let customers in the United States pay for online and in-app purchases through a six-week installment plan with no interest or fees.
Previewed at WWDC, Apple Pay Later will let customers split a purchase into four equal payments paid over the course of six weeks. Apple Pay Later will include zero interest and no fees and will be available "everywhere Apple Pay is accepted," according to Apple.
Inside the Wallet app, users will see a new overview of all of their upcoming payments and how much they owe and can set a personal budget. Apple says that Apple Pay Later will only be available to qualifying applicants, but no further details have been shared.
Tuesday November 5, 2024 5:02 am PST by Tim Hardwick
Apple News is providing Live Activities support for the 2024 U.S. presidential election, allowing iPhone and iPad users to track electoral results in real time directly from their Lock Screen.
The feature is rolling out for U.S. users over the course of Election Day, November 5, providing continuous updates of the electoral count. So if you're interested, you don't need to repeatedly check...
Monday November 4, 2024 10:54 am PST by Juli Clover
With the second beta of iOS 18.2 that's available for developers today, Apple has further fleshed out the ChatGPT integration that's available with Siri. In the Settings app, there's now a section that shows the ChatGPT daily limit, and offers an option to upgrade to the paid ChatGPT Plus plan.
The beta includes an Advanced Capabilities section with a "Daily Limit" reading that shows up as...
Monday November 4, 2024 12:34 pm PST by Juli Clover
Apple today seeded the second betas of upcoming iOS 18.2 and iPadOS 18.2 updates to developers, and Apple is continuing to refine the Apple Intelligence capabilities. There are also a handful of smaller features that are worth knowing about.
Find My
Find My has a new option to Share Item Location with an "airline or trusted person" that can help you locate something that you've misplaced....
Friday September 13, 2024 7:39 am PDT by Joe Rossignol
Apple has started notifying users about an upcoming revision to its iCloud Terms and Conditions, which takes effect on Monday, September 16.
We compared the text of the upcoming iCloud Terms and Conditions with the current U.S. version from September 18, 2023 and identified four key changes:
"Apple ID" references have been changed to "Apple Account" throughout.
iCloud users must agree to ...
Thursday October 31, 2024 9:42 am PDT by Tim Hardwick
Apple is set to release iOS 18.2 in December, bringing the second round of Apple Intelligence features to iPhone 15 Pro and iPhone 16 models. This update brings several major advancements to Apple's AI integration, including completely new image generation tools and a range of Visual Intelligence-based enhancements. There are a handful of new non-AI related feature controls incoming as well.
...
Monday November 4, 2024 2:36 am PST by Tim Hardwick
Apple's fall 2024 Mac announcements have included new iMac, Mac mini, and MacBook Pro models, all of which debuted with variants of Apple's M4 chip. Apple intends to update the rest of its Mac lineup with M4 series processors over the next 12 months, which will make it the first time that Apple has used the same chip generation across all of its Macs.
This means we can expect new M4...
Black Friday is still a few weeks away, but you can already find great prices on numerous iPads, including the 9th generation iPad, 10th generation iPad, iPad Air, and iPad mini.
Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running.
Of course, there is a chance that ...
I find the 3 x fortnightly payment thing a bit strange. The use case for this would normally be to spread the cost across salary payments which, in the UK, normally happen monthly. I appreciate this is US only, so perhaps the payment frequency is different in the US?
US workers generally get paid fortnightly, and this is a US-only feature for now. Here in the UK it is common to have a credit card where, if you pay back your debt monthly with direct debit, you end up having ~1.5 month interest-free (I have that with my Amex). PS autocorrect wrote that US workers get laid fortnightly, does Apple know something I don’t?
Well that would be the fiscally responsible thing to do... but so many people lack the discipline to do that.
(those with such discipline, as well as not spending everything they make, typically don't use buy-now-pay-later financing...)
Paying cash when you can get an interest-free loan is not smart, financially speaking.
I can afford to buy anything that Apple currently sells in online store, but given the choice between paying all upfront, or paying over time, I would choose paying over time, every time, and I do.
Now, if there was a discount for cash, that would be a totally different story.
For more info about Buy Now, Pay Later (BNPL), CNBC ('https://www.cnbc.com/2022/05/13/buy-now-pay-later-is-not-a-boom-its-a-bubble-harvard-fellow-says-.html') has some good articles. Search for "BNPL"- this is still a new 'product' in the US, "without much regulatory oversight, the BNPL market currently exists in “a legal gray space,” according to Lux."
The merchants / stores are able to ring up higher purchase totals; the banks loaning out the money are making their money through late fees, etc.
Good point...I was thinking about the money they make if the customer pays on time...the banks stand to make even more money on late fees, etc if the customer pays late. They only lose in a complete default which is probably relatively rare given the short terms and relatively low amounts of the funding.
Bleagh, now that it's clear what this product really is, it feels pretty unsavory for Apple to be getting involved with it.