Apple iPhone users in the US will soon be able to opt to spread payments for purchases made using Apple Pay over a period of six weeks in four equal instalments using a ‘buy now, pay later’ service integrated into Wallet.
Apple is rolling out the Apple Pay Later service as part of its iOS 16 update and is initially making it available to “qualifying applicants” in the US for online and in-app purchases.
The update will also include an Apple Pay Order Tracking feature allowing users to receive detailed receipts and order tracking information in Wallet for Apple Pay purchases made at participating merchants.
“Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind,” Apple says.
“Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track and repay Apple Pay Later payments within Wallet.
“Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet.”
Apple released the developer preview of iOS 16 this week and will release a public beta “next month”, with a full rollout due “this fall”.
Reports of Apple’s plans to roll out the Apple Pay Later feature emerged in April.