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.
Wednesday January 25, 2023 9:40 am PST by Joe Rossignol
After announcing new Mac and HomePod models last week, Apple adjusted its trade-in values for select devices in the United States.
iPhone trade-in values decreased by up to $80, and most Android smartphones also went down. Mac trade-in values remained unchanged or increased by up to $40 depending on the model, while some Apple Watch models increased in value and others decreased. Trade-in...
Tuesday January 24, 2023 4:53 pm PST by Joe Rossignol
Apple's next-generation iPhone 15 Pro and iPhone 15 Pro Max are expected to be announced in September as usual. Already, rumors suggest the devices will have at least seven exclusive features not available on the standard iPhone 15 and iPhone 15 Plus.
An overview of the seven features rumored to be exclusive to iPhone 15 Pro models:A17 chip: iPhone 15 Pro models will be equipped with an A17...
Tuesday January 24, 2023 1:11 pm PST by Joe Rossignol
While the new Mac mini with the M2 chip has a lower $599 starting price, the base model with 256GB of storage has slower SSD read and write speeds compared to the previous-generation model with the M1 chip and 256GB of storage.
A teardown of the new Mac mini shared by YouTube channel Brandon Geekabit reveals that the 256GB model is equipped with only a single 256GB storage chip, while the...
Tuesday January 24, 2023 10:10 am PST by Juli Clover
Apple today released tvOS 16.3, the third major point update to the tvOS 16 operating system that originally came out in September. Available for the Apple TV 4K and Apple TV HD, tvOS 16.3 comes six weeks after tvOS 16.2, an update that added Apple Music Sing.
The tvOS 16.3 update can be downloaded over the air through the Settings app on the Apple TV by going to System > Software...
Monday January 23, 2023 10:06 am PST by Juli Clover
Apple today released watchOS 9.3, the third major update to the watchOS 9 operating system that first launched in September. watchOS 9.3 comes over a month after watchOS 9.2, an update that added new Workout functionality and Crash Detection optimizations.
watchOS 9.3 can be downloaded for free through the Apple Watch app on the iPhone by opening it up and going to General > Software Update. ...
Friday January 20, 2023 11:43 am PST by Joe Rossignol
In a recent press release, Apple confirmed that iOS 16.3 will be released to the public next week. The software update will be available for the iPhone 8 and newer and includes a handful of new features, changes, and bug fixes.
Below, we've recapped bigger features in iOS 16.3, including support for physical security keys as a two-factor authentication option for Apple ID accounts, worldwide ...
Tuesday January 24, 2023 1:45 pm PST by Juli Clover
The new M2-series MacBook Pro and Mac mini models launched today, marking the debut of the first M2 Pro and M2 Max chips. We have the M2 Pro Mac mini on hand, and thought we'd take a look at the machine and do a series of benchmarks to see how it fits into Apple's lineup.
Subscribe to the MacRumors YouTube channel for more videos. Base model Mac mini machines come with either an M2 or M2 Pro...
Monday January 23, 2023 10:09 am PST by Juli Clover
Apple today released macOS Ventura 13.2, the second major update to the macOS Ventura operating system initially released in October. macOS Ventura 13.2 comes more than a month after macOS Ventura 13.1, an update that added the Freeform app and other changes.
The macOS Ventura 13.2 update can be downloaded for free on all eligible Macs using the Software Update section of System...
Apple on January 23 released iOS 16.3, delivering support for Security Keys for Apple IDs, changes to Emergency SOS functionality, support for the second-generation HomePod, and more.
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.