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...
Sunday September 25, 2022 7:34 am PDT by Sami Fathi
Apple Pay Later, an upcoming service from Apple that will let qualifying U.S. customers split a purchase into four equal payments over six weeks, is reportedly being delayed until 2023 due to technical engineering challenges. Announced at WWDC in June, Apple has said that Apple Pay Later will be "coming in a future update" to iOS 16, but the company has not provided a specific timeframe. Blo...
A proposed class action lawsuit filed against Apple today accuses the company of violating U.S. antitrust law by ensuring that Apple Pay is the only available mobile wallet for making tap-to-pay payments with an iPhone, iPad, or Apple Watch.
The complaint, filed by law firms Hagens Berman and Sperling & Slater, alleges that Apple is illegally profiting at least $1 billion annually by...
Tuesday September 13, 2022 5:57 am PDT by Joe Rossignol
Apple this week updated the iOS 16 features page on its website with some additional information about the Wallet app on the iPhone.
First, the page now indicates that iOS 16 allows users to securely add new keys to the Wallet app on the iPhone and Apple Watch directly from a website in Safari, without having to download the key issuer's app from the App Store.
Second, Apple has revealed...
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...
Tuesday August 23, 2022 1:18 pm PDT by Juli Clover
The built-in iPhone Wallet app will apparently be able to be deleted starting in iOS 16.1, according to code in today's iPadOS 16.1 beta that was found by 9to5Mac and confirmed by MacRumors contributor Steve Moser. The code suggests the Wallet app will be downloadable from the App Store if it has been removed from an iPhone and the person with the iPhone attempts to use a feature like Apple ...
Apple Pay competitor PayPal played a role in the EU's decision to target Apple with antitrust complaints about its mobile wallet, reports Bloomberg. PayPal was one of "multiple companies" that filed informal complaints about the way Apple restricts third-party apps from accessing the NFC capabilities of the iPhone, which in turn led to the European Commission issuing a Statement of Objections...
Sunday September 25, 2022 2:27 pm PDT by Sami Fathi
A YouTuber has put Apple's claims for the durability of the Apple Watch Ultra to the test by putting it up against a drop test, a jar of nails, and repeated hits with a hammer to test the sapphire crystal protecting the display.
TechRax, a channel popular for testing the durability of products, first tested the Apple Watch Ultra by dropping it from around four feet high. The Apple Watch...
Upon the release of the second-generation AirPods Pro, the AirPods Max became the oldest current-generation AirPods product still in Apple's lineup. Introducing several new features like Adaptive Transparency and the H2 chip, the second-generation AirPods Pro may provide some of the best indications yet of what to expect from the second-generation AirPods Max.
Almost two years later, rumors...
Sunday September 25, 2022 10:57 am PDT by Sami Fathi
As we approach the end of a busy product release season for Apple with only new iPads and Macs left to be announced over the next month or so, we're also setting our sights on 2023. Apple is rumored to have several major products in the pipeline for next year, including new Macs, a new HomePod, a VR/AR headset, and so much more.
Other than new iPhones and Apple Watches, which are expected...
Sunday September 25, 2022 6:50 am PDT by Sami Fathi
Apple may decide to release its remaining products for 2022, which include updated iPad Pro, Mac mini, and 14-inch and 16-inch MacBook Pro models, through press releases on its website rather than a digital event, according to Bloomberg's Mark Gurman. In his latest Power On newsletter, Gurman said that Apple is currently "likely to release its remaining 2022 products via press releases,...
The Apple Watch Series 8 and Apple Watch Ultra are now available to purchase, but if you aren't interested in these updates you can save a lot of money on Series 7 models right now on Amazon.
Note: MacRumors is an affiliate partner with Amazon. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running.
The best deals are on cellular...
Sunday September 25, 2022 7:02 am PDT by Sami Fathi
Apple is gearing up to possibly replace its "Pro Max" iPhone with an all-new "Ultra" iPhone 15 model next year, reliable Bloomberg journalist Mark Gurman said today.
Writing in his latest Power On newsletter, Gurman said that for the iPhone 15, Apple is planning a revamped design alongside USB-C and a potential name change. Apple could replace its "Pro Max" branding, which it started to use...
Friday September 23, 2022 9:40 am PDT by Sami Fathi
Customers who personalize their second-generation AirPods Pro charging case with an engraving will now have that engraving reflected directly on iOS as they pair and connect their AirPods Pro. Apple allows customers to personalize their AirPods Pro charging case with a special engraving that can include select emojis and Memojis. Unlike before, starting with the second-generation AirPods...
Monday September 26, 2022 7:34 am PDT by Sami Fathi
Today marks exactly two weeks since Apple released iOS 16 to the public. Besides the personalized Lock Screen, major changes in Messages, and new features in Maps, the update has also seen its fair share of bugs, performance problems, battery drain, and more.
After major iOS updates, it's normal for some users to report having issues with the new update, but such reports usually subside in...
Friday September 23, 2022 7:08 am PDT by Joe Rossignol
Apple plans to release new MacBook Pro models in the fourth quarter of 2022, according to supply chain publication DigiTimes. The report does not mention specific models, but it very likely refers to the next-generation 14-inch and 16-inch MacBook Pros given that the 13-inch model was already updated earlier this year.
There has been uncertainty surrounding the timing of new 14-inch and...
Apple on September 12 released iOS 15.7 and iPadOS 15.7, delivering important fixes for multiple security vulnerabilities, including at least one that has been actively exploited.
Apple's latest mainstream iPhone models come in two sizes with A15 chip, car crash detection, satellite connectivity, and more. iPhone 14 is available now, while iPhone 14 Plus launches on October 7.
Top Rated Comments
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.