Mac FORMAT INVESTIGATES
APPLE AND FINANCIAL SERVICES
With the impending launch of Apple Pay Later, Charlotte Henry looks at Apple’s place in the world of financial services
WRITTEN BY CHARLOTTE HENRY
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The WWDC 2022 keynote speech was, as usual, full of details about upcoming changes to Apple’s various operating systems, including the unveiling of iOS 16. Among all the new features laid out was a ‘Buy Now, Pay Later’ (BNPL) service called Apple Pay Later.
Apple Pay Later will enable you to buy something via Apple Pay and split the total into four equal payments paid over six weeks. No interest or fees are applied to the purchase and Apple Pay Later is fully integrated into the Wallet app. You simply decide whether to pay in full or split the payments when making the purchase. Payments can be tracked in the app too. Apple Pay Later uses the Mastercard network, which means vendors do not need to undertake any additional integration to offer it.
Apple intends to expand its financial services, including the Apple Card, to more markets.
While the service can be used on any transaction made through Apple Pay, it is, initially at least, only going to be available in the US. However, it is still worth knowing about Apple Pay later – and the broader discussion around BNPL – in the UK, because we know that Apple intends to expand its financial services offerings, such as the Apple Card credit card, to more markets in the future.