Apple’s newest service, Pay Later, will change how we shop and pay for things forever. Apple customers may now take advantage of a payment plan that allows them to spread out the cost of their purchases over time without sacrificing the ease and safety for which the company is known. Pay Later is Apple’s newest service, and it will revolutionize the shopping experience and help you keep better track of your expenses.
Apple Pay Later Release Date
On Tuesday, 28 March 2023, Apple became the latest corporation to adopt the buy now, pay later trend by adding an installment payment option to its digital wallet. CNN confirms this information.
The first installment of a purchase financed with Apple Pay Later is due at the time of sale, with the following three installments spread out over six weeks. If an Apple user needs a loan of $50 to $1,000 to complete an in-app or online purchase, they can apply for one from the Wallet app.
A corporate press release states that the payment option is currently being made available to some users in the United States, with intentions to make it available to all qualified consumers over the next several months. Apple initially hinted at the addition last year. Apple has introduced Apple Pay Later so customers can spread their payments.
During high inflation and general economic instability, Apple’s initiative comes as more consumers turn to buy now, pay later options to stretch their budgets. Affirm, Klarna, and Afterpay are other well-known services that provide this payment method.
However, several economists and consumer protection advocates worry that consumers would incur more debt from using these services.
Terri R. Bradford, a research specialist in payment systems for the Kansas City Federal Reserve, previously told CNN that the installment procedure gives the impression that a person is paying nearly nothing for the goods or services they are obtaining. “So the possibility is that you could, in your mind, think of everything that you’re buying in those four installments and, as a result, take on more debt than you would if you had to pay for them in full every time.”
But Apple says the new feature is “designed with users’ financial health in mind.”
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“There’s no one-size-fits-all approach when it comes to how people manage their finances,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in Tuesday’s release. “Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later.”
Loan payments scheduled by Apple customers can be monitored and managed in the Wallet app. The software may be used to apply for any loan, which will not affect your credit score. When using a Mastercard with the option to “Pay Later,” you can do it through the Installments program.
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