Apple launched its “buy now, pay later” program, called Apple Pay Later, in the U.S. on Tuesday.
The service allows customers to split purchases into four payments spread over six weeks with no interest or fees. Apple plans to randomly select users to give them early access to a prerelease version of Apple Pay Later.
The service can be used to make online and in-app purchases with retailers that accept Apple’s Apple Pay payment system.
- Customers with Apple’s Wallet app can borrow up to $1,000 using Apple Pay Later.
- Customers will be required to link a debit card as their loan repayment method.
- Credit cards won’t be accepted for payments.
- The move is Apple’s latest foray into finance to deepen its relationship with customers.
- The iPhone maker launched its own credit card in 2019 in partnership with Goldman Sachs.
Apple announced its annual developer’s conference, WWDC, will occur from June 5 to June 9.
- The iPhone maker is expected to unveil its long-awaited virtual and augmented reality headset at the conference.
