Apple rolls out buy now, pay later service for US users

Apple, the renowned technology giant, announced on Tuesday the launch of its latest payment service, Apple Pay Later, which is a buy now, pay later service exclusively for US users. This payment method will enable customers to make online purchases and pay for them in four instalments spread over a period of six weeks without any added interest or fees. In addition to this, Apple also revealed that users can receive loans of up to $1,000 via the service to make purchases.

With this new payment service, Apple Pay Later, the tech giant is joining the league of other popular buy now, pay later service providers such as Afterpay and Klarna. This launch comes as part of Apple’s efforts to enhance its financial services and give users more payment options when shopping online.

The concept of buy now, pay later is rapidly gaining traction in the United States, especially among younger consumers who are not comfortable with traditional credit card payment methods. These payment options offer consumers the flexibility to pay for their purchases over time, without the burden of interest rates or fees.

To use Apple Pay Later, users will have to sign up for the service via the Wallet app on their iPhone, where they can choose their preferred payment plan, either ‘Apple Pay in 4’ or ‘Apple Pay Monthly Installments.’ Apple Pay in 4 allows customers to make purchases in four equal instalments, while Apple Pay Monthly Installments enables them to pay for their purchase over several months.

Apple Pay Later is expected to be a popular payment option among Apple’s loyal customer base, especially with the holiday season fast approaching. The payment option is set to be available across a broad range of retailers and e-commerce platforms, making it an ideal choice for customers shopping online.

According to Jennifer Bailey, Vice President of Apple Pay, the new payment service is designed to provide a seamless and secure payment experience for users. She added that the company is continuously working on innovative payment solutions to enhance the overall shopping experience for its users.

However, some critics have expressed concerns about the potential impact of buy now, pay later services on users’ financial well-being. While these payment options provide customers with flexibility and convenience, they also have the potential to lead to overspending and debt accumulation if not used responsibly.

To address these concerns, Apple has put in place several measures to ensure responsible use of the service. For example, the company has set a minimum payment threshold of $50 for Apple Pay Monthly Installments to prevent users from accumulating debt that they cannot afford to repay.

Apple Pay Later is a significant step towards enhancing the overall payment experience for US users. With the flexibility to pay for purchases over time and the absence of interest and fees, this service is expected to be a popular payment option among Apple’s loyal customer base. However, it is crucial that users use the service responsibly and not overspend, which could lead to financial difficulties in the long run.