Apple has launched a new payment option for its digital wallet, called Apple Pay Later, that allows customers to pay for online purchases in four installments over a six-week period. The first payment installment is due at the time of purchase.
Customers can also apply for a loan within the Wallet app, ranging from $50 to $1000, with no interest or fees, for online or in-app purchases. The payment option is currently being rolled out to select users in the US, with plans to offer it to all eligible customers over the next few months.
Apple’s move comes as an increasing number of consumers have turned to buy now, pay later services, such as Affirm, Klarna and Afterpay, to manage their budgets during times of economic uncertainty. However, some economists and consumer advocates have raised concerns that these services could lead shoppers to take on more debt than they can handle.
Apple says the new feature is designed to promote users’ financial health, and users will be able to track and manage upcoming loan payments in the Wallet app. The company also notes that any loan application can be done in the app with no impact on credit.
The Pay Later option is enabled through the Mastercard Installments program. Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, stated that “There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later.”
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