Apple Pay Later being tested by employees, coming soon

Apple has yet to provide any information regarding date that Apple Pay Later will launch, but Apple CEO Tim Cook said that it will be available soon.

Apple has posted its financial results on Thursday, and Cook briefly commented that the company still plans to launch Apple Pay Later, which would be part of its Services business.

"It will be launching soon," Cook confirmed on Thursday to CNBC.

The company introduced the financial service in 2022, which will be included in its payment platform that comprises Apple Pay and Apple Card. Apple Pay Later is a buy now, pay later that will allow users to split any Apple Pay purchase into four equal payments over six weeks with no additional interest or fees.

Users can choose to divide the amount when making an Apple Pay purchase. The amount and due date for each payment are specified on the purchasing page of a website.

Apple Wallet is used to manage payment plans. The functionality is also built into the Apple Pay platform, so various applications and services will already support it.

Since the announcement, however, the feature has been delayed. Apple may release Apple Pay Later in the iOS 16.4 software update, according to a report from September.

Apple has reportedly formed a subsidiary company to finance the lending for the Apple Pay Later service. Apple Financing LLC will be separate from the company's primary corporate entity.

11 Comments

Anilu_777 8 Years · 579 comments

About 1 year ago

Users IN THE US! None of these programs are available anywhere else. You should write accordingly.

netrox 12 Years · 1510 comments

Buy now, pay later is a nice convenience and no interest/fees but what happens if they default on paying? How do they make up for the loss?

laytech 15 Years · 342 comments

This isn't Apple as they are just getting on the same band wagon, but these pay now pay later schemes are just tools to encourage people to get into debt. I deplore them.

You can argue why are they so different from credit cards. They are not really but its more debt people will get into.

Ofer 8 Years · 270 comments

laytech said:

This isn't Apple as they are just getting on the same band wagon, but these pay now pay later schemes are just tools to encourage people to get into debt. I deplore them.

You can argue why are they so different from credit cards. They are not really but its more debt people will get into.

Different from credit cards in that there’s no predatory interest rates involved. But other than that, yeah, I agree with you. Encouraging people to go into debt over purchases is not good (with the exception of large milestone purchases like cars and homes).

JinTech 9 Years · 1061 comments

Ofer said:

laytech said:

This isn't Apple as they are just getting on the same band wagon, but these pay now pay later schemes are just tools to encourage people to get into debt. I deplore them.

You can argue why are they so different from credit cards. They are not really but its more debt people will get into.

Different from credit cards in that there’s no predatory interest rates involved. But other than that, yeah, I agree with you. Encouraging people to go into debt over purchases is not good (with the exception of large milestone purchases like cars and homes).

I don't think that is the case for everyone. For me, I cannot afford big purchases all at once but I have the option to make several payments, that works. I have bad credit (not from my own choosing) so using the pay later works best for me.