Apple Pay Later, a new service that allows Apple Pay users to split their purchases into four equal payments over six weeks with no interest or fees, is being launched today.
This service is available for purchases made in apps and online when customers check out with Apple Pay.
It is a convenient way for customers to finance purchases they may not be able to afford to pay for all at once.
However, it is important to note that Apple Pay Later is not a loan, and customers are not borrowing money from Apple or a bank
Instead, they are simply splitting their purchase into four equal payments, with Goldman Sachs involved in the process.
According to Jennifer Bailey, VP of Apple Pay and Apple Wallet, people have different preferences when it comes to managing their finances
To cater to this, Apple has introduced Apple Pay Later, a flexible payment option with no fees or interest.
The feature can be used and managed within Wallet, allowing users to make informed and responsible borrowing decisions