Apple Pay Later lets you split your purchases into four payments
You can pay for purchases in four installments over six weeks.
UPDATE 3/29/2023: Apple delivered on its promise and announced Apple Pay Later’s official launch, rolling it out to iOS 16.4 users.
As part of yesterday’s WWDC 2022 keynote address, Apple revealed the long-rumored Apple Pay Later feature.
Apple Pay Later is coming with iOS 16 in the fall and lets users pay for an Apple Pay purchase in four installments over the course of six weeks.
We first heard about a system like this back in July of last year. Apple is looking to compete with platforms such as Affirm and PayPal in the buy now, pay later service.
When you make a purchase using Apple Pay, the new feature will give you the option to pay over time.
It will require an initial payment, then one payment every two weeks for the next six weeks. So that’s four payments in total over the course of six weeks.
And maybe the best part about Apple Pay Later is that there’s no interest charged at all. Each of your payments will be exactly one-fourth of the total amount of your purchase.
The new feature will work seamlessly with any Apple Pay feature. It doesn’t require any additional work from merchants and works both in apps and online.
In addition to Apple Pay Later, the company is introducing Apple Pay Order Tracking with iOS 16. This feature gives merchants the ability to deliver receipts and order tracking information straight to a user’s Wallet.
iOS 16 includes a bunch of impressive improvements, such as a newly customizable lock screen and improved photo editing and sharing. Apple Pay Later has a chance to be a favorite amongst those who use Apple Pay regularly.
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