Apple recently announced a new feature of its Apple Pay payment service – Apple Pay Later
Apple recently announced a new feature of its Apple Pay payment service – Apple Pay Later. This feature allows users to purchase goods or services and pay for them later, i.e. “on installments”.
Apple Pay Later will work by allowing users to choose whether they want to pay for a purchase in one installment period or in several smaller installments. If users choose the option of multiple smaller installments, they will have to pay interest. This interest is likely to depend on the length of the repayment period and the amount of the purchase.
This feature will be part of Apple Pay, so users will be able to use it in stores that already accept Apple Pay. Users will be able to use their payment card stored in Apple Pay to purchase goods or services and then choose whether they want to pay immediately or in installments.
Apple Pay Later will also integrate with the Wallet app, allowing users to easily track their purchases and payments. Users will be able to track how much money they have borrowed, how much they have paid and how much is left to pay back. They will also be able to set reminders so they don’t forget their repayments.
This feature will be offered by Apple in partnership with banks, so it is not yet clear which banks will offer it and in which countries it will be available. However, Apple Pay is already available in many countries and has partnered with a number of banks, so it’s likely that Apple Pay Later will be available in many countries around the world.
In conclusion, the new Apple Pay Later feature is an interesting extension of the Apple Pay payment service that will allow users to purchase goods and services and pay for them later. This feature will be integrated with the Wallet app, so users will be able to easily track their purchases and payments. It will be interesting to see how this feature proves to be and what users’ experience will be with paying in installments using Apple Pay Later.
Source, photo: apple.com
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