Apple launched a pre-release version of its buy-now-pay-later (BNPL) service yesterday.
The service, known as "Apple Pay Later," is currently only available to select users, but Apple said it will be rolled out to all eligible users in the coming months.
- Apple has given approved users access to a "Pay Later" option when they check out using Apple Pay through apps on iPhones and iPads.
- The BNPL service allows users to break up the cost of their purchases over four payments spread out over a period of six weeks.
- Users will also be able to use Apple Wallet to track and repay their Apple Pay Later loans.
- Eligible customers can apply for loans of between $50 and $1,000 for in-app and online purchases made from merchants that use Apple Pay.
- Apple is working to develop in-house financial services for its customers in a bid to decrease its reliance on banking partners.
