Apple’s buy now, pay later service launching soon

According to a Bloomberg report, Apple Pay Later is set to launch soon in the US. It will allow customers to purchase items using Apple Pay on their iPhone, in four payments over six weeks with no interest. Creditworthiness will be evaluated based on past purchases of Apple hardware and services. This marks the first financial service from Apple to be fully supported by the company, not a third party. If a customer fails to pay on time, Apple Pay Later will be removed, and other features of their Apple ID may be disabled until their account is up to date. Currently, there is a large field test ongoing, whereby Apple Store retail employees are helping to test the new service. Apple Pay Later was originally slated for release in September 2022 but its development was postponed.