Apple CEO Tim Cookrecently announced on CNBC that Apple Pay Later, a new payments service the company is working on, is set to launch “soon.”
Cook revealed that is Apple staff currently testing the Apple Pay Later feature, which will soon be available to everyone, and is expected to significantly increase services revenue . “ It will be released soon ,” Tim Cook said. No specific date was given by the Apple CEO, but the company is expected to release iOS 16.4 and other software updates in the spring. Most likely, the first betas of the new software will be released in the coming weeks.
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Apple Pay Later, which was unveiled at the Worldwide Developers Conference last June, mimics PayPal's buy now, pay later approach and is designed to help customers who need more time to make payments. It was expected to first launch in late 2022, but there has been a delay.
According to Mark Gurman , Apple Pay Later was delayed because the company faced "significant technical and engineering challenges while developing the service."
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Apple Pay Later will be an interesting addition for US customers , as it will come with zero interest and no extra fees.
With Apple Pay Later, U.S. Apple Pay users will be able to make a purchase in four equal payments over six weeks at no additional cost. Apple Pay Later is available wherever Apple Pay is accepted online or in-app, using the Mastercard network.
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The new Apple Pay Later program doesn't require users to have an Apple Card. Essentially, Apple will soon allow users to easily buy anything with Apple Pay and get it through a monthly financing plan.
Source: 9to5mac.com
