Apple has been testing the “buy now, pay later” feature of the payment service internally for a while. The company has now rolled out this feature to thousands of retail employees. It is expected to be made available to consumers in the near future.Apple Pay Later, which has been tested by Apple employees for a while, allows shoppers to pay in installments. This service was first announced last June and was scheduled to be available in September as one of the iOS 16 features. The company had to postpone it to 2023 due to technical difficulties. The service will run on a new financial platform designed by Apple for internal startups.
The new service will initially allow consumers to split their Apple Pay purchase into 4 installments – paid in 6 weeks – with no interest or additional fees.
Apple’s Goldman Sachs Group Inc. It is said to be working with Apple Pay to develop a version of its monthly installment service. In this service, installments will be applied to high-amount transactions, but a service fee will be charged.
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