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.
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.
Starting with iOS 16, iPadOS 16, macOS Ventura, and watchOS 9, Apple Pay will allow users to pay multiple merchants in a single transaction within supported apps. Apple says this feature will let users make a bundled purchase, such as a travel package with flights, a rental car, and a hotel room, all in a single Apple Pay payment sheet.
Apple Pay has also received a redesign on macOS...
Alongside iOS 16 and macOS Ventura, Apple announced the upcoming launch of a new Apple Pay Later feature, which is designed to allow customers to split Apple Pay purchases into multiple payments.
With Apple Pay Later, Apple Pay users can choose to make four payments spread over a six week period instead of paying up front. The Apple Pay Later feature includes no interest or fees so long as...
Apple is developing a new pay later service that will let customers pay for Apple Pay purchases in installments over time, reports Bloomberg. Installment payment options will be available for all Apple Pay purchases, with the feature not limited to Apple products.
The service is similar to Paypal's Buy Now, Pay Later feature, and internally, it's being called "Apple Pay Later."
Apple is...
Only six percent of iPhone users in the United States who have Apple Pay set up actually use the feature, according to a detailed study by PYMNTS.
Seven years after Apple Pay launched in September 2014, 93.9 percent of consumers with Apple Pay activated on their iPhone do not use it to pay for in-store purchases, meaning that only 6.1 percent do.
In 2015, the year following Apple Pay's...
Apple this week suspended its Apple Pay service for the Mir card payment system in Russia, effectively closing a loophole that had allowed Russians to continue to use the Apple Pay service.
According to Reuters, Mir had remained connected to Apple Pay even after Apple restricted the use of the payments service in Russia on March 1 for Mastercard and Visa cardholders.
Russia's National...
During WWDC yesterday, Apple announced it will be launching Tap to Pay on iPhone this month, allowing small merchants and independent sellers in the United States to use their iPhone as a payment terminal.
Announced in February, the feature allows compatible iPhones to accept payments via Apple Pay, contactless credit and debit cards, and other digital wallets, with just an iPhone.
Tap to ...
iOS 16 makes it easier for users to track orders and parcels with a built-in tracker within the Wallet app for Apple Pay transactions.
Previously, users would need to download a third-party app from the App Store to track their parcels. With iOS 16, Apple is building a tracker directly within the Wallet app for Apple Pay transactions. The new integration with Wallet will let merchants and...
Wednesday March 30, 2022 11:10 am PDT by Juli Clover
Apple is working on a multiyear plan to bring its financial services in-house in the future, cutting down on the need for financial partners like Goldman Sachs, reports Bloomberg.
Apple is developing payment processing technology and infrastructure such as lending risk assessment, fraud analysis, credit checks, and dispute handling, plus it is working on tools for calculating interest,...
The redesigned MacBook Air with the all-new M2 Apple silicon chip will be available for customers starting Friday, July 15, MacRumors has learned from a retail source. The new MacBook Air was announced and previewed during WWDC earlier this month, with Apple stating availability will begin in July. The MacBook Air features a redesigned body that is thinner and lighter than the previous...
Apple today began selling refurbished Mac Studio models for the first time in the United States, Canada, and select European countries, such as Belgium, Germany, Ireland, Spain, Switzerland, the Netherlands, and the United Kingdom.
In the United States, two refurbished Mac Studio configurations are currently available, including one with the M1 Max chip (10-core CPU and 24-core GPU) for...
The M2 MacBook Pro has started making its way into customers' hands and we're learning more about how it performs in a variety of situations, but all eyes are really on the upcoming M2 MacBook Air which has seen a complete redesign and should be arriving in a couple of weeks.
Other top stories this week included a host of product rumors including additional M2 and even M3 Macs, an updated...
Fifteen years ago to this day, the iPhone, the revolutionary device presented to the world by the late Steve Jobs, officially went on sale.
The first iPhone was announced by Steve Jobs on January 9, 2007, and went on sale on June 29, 2007. "An iPod, a phone, an internet mobile communicator... these are not three separate devices," Jobs famously said. "Today, Apple is going to reinvent the...
Tuesday November 28, 2017 12:33 pm PST by Juli Clover
There appears to be a serious bug in macOS High Sierra that enables the root superuser on a Mac with a blank password and no security check. The bug, discovered by developer Lemi Ergin, lets anyone log into an admin account using the username "root" with no password. This works when attempting to access an administrator's account on an unlocked Mac, and it also provides access at the login...
Apple on May 16 released iOS 15.5 and iPadOS 15.5, bringing improvements for Podcasts and Apple Cash, the ability to see Wi-Fi signal of HomePods, dozens of security fixes, and more.
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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?
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.
Bleagh, now that it's clear what this product really is, it feels pretty unsavory for Apple to be getting involved with it.