With the rising cost of living due to inflation, more Americans than ever are trying to find ways to save some extra coins, and Apple has come along to save the day. Following the announcement of a host of new features on iOS 16, Apple also revealed Apple Pay Later, which is the company’s version of the ever-popular “Buy Now, Pay Later” option.
For Apple users who have wished for the day they could have the option to spread out payments for purchases, the time has finally come. @Verge reports, the tech giant recently confirmed the launch of Apple Pay Later, which allows you to pay for purchases in four installments without interest and can be accessed from your existing Apple Pay account. Purchases can be paid over the course of six weeks, with the first paid up front and the remaining payments due every two weeks thereafter.
Via a press release announcing various new features on iOS 16, Pay Later details that, “Users can apply for 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.”
Within the last few years, services that allow you to buy products and pay throughout a specific time-frame have increased in popularity, as companies such as Afterpay, Klarna, Zip, Affirm and PayPal in 4, have attracted millions of customers who crave the luxury of not paying for things all at once. Apple has no doubt recognized that there is a huge market for the service and now the company has its own.
iOS 16 will be released in September and then users can enjoy the new features, including the new Pay Later, editable text messages and a revamped lock screen.
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