One of the announcements made around iOS 16 at the Worldwide Developers Conference on June 6 involved a new feature for Apple Pay. Apple’s payment service is soon going to get the Apple Pay Later option, the company’s own take on the ‘buy now, pay later’ service that is going to be built into Apple Pay.
Buy now, pay later (BNPL) services are pretty common in most countries, in India Amazon, Flipkart, etc, also offer customers options to make payments in easy installments, like credit cards allow. Apple has reportedly been working on its own BNPL service for a while now and with its announcement at the WWDC keynote, Apple Pay Later is a “natural extension of the company’s strategy to encourage people to buy things using Apple Pay”.
Apple Pay Later will allow users to pay for installments over six weeks starting with the first payment that is going to be made up front. The other three payments are going to be spread over the next six weeks where you make one payment every two weeks. All the payments are going to be managed from the Wallet app and users can also make these payments in advance if that’s convenient for them.
“Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind,” Apple said.
“Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet. Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network,” Apple explained in its announcement.
Additionally, the Apple Pay Order Tracking will give users detailed receipts and order tracking information in Wallet for their purchases.
Apple Pay is not available in India, so here’s to waiting for another thing.
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