Apple Pay Later is almost here, reports suggest
- Apple Pay Later, designed to boost the company's services revenue, is set to launch soon according to CEO Tim Cook.
- The feature will allow users to make multiple payments for their purchases and manage payments through the Wallet app.
- During a recent call with investors, Cook mentioned that Apple Pay had a record number of purchases during the holiday season and the company's services category saw a record $20.8 billion in revenue.
- Despite technical and engineering challenges, Apple Pay Later is expected to launch soon and provide US customers with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments with zero interest and no fees.
- Apple Pay Later will be available everywhere Apple Pay is accepted online or in-app and use the Mastercard network.
Apple's new "Apple Pay Later" service, which has been in the works for some time, is set to launch soon, according to CEO Tim Cook. In a recent interview with CNBC, Cook confirmed that Apple employees are currently beta testing the feature, which is designed to help boost the company's services revenue. Apple Pay Later was first previewed at the Worldwide Developers Conference in June and will be similar to the buy-now-pay-later option offered by PayPal.
Apple Pay Later will allow users to make multiple payments for their purchases and will be available where Apple Pay is accepted. Payments will be managed through the Wallet app, and a purchase can be split into four payments to be made over a six-week period. The feature will provide US customers with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments, with no interest or fees. It will be built into Apple Wallet, making it easy for users to view, track, and repay their payments.
Image credit: HardwareZone
During a call with investors to announce Apple's first quarter results for fiscal 2023, Tim Cook mentioned that Apple Pay had a record number of purchases during the holiday season in 2022. The platform is currently available to millions of merchants in 70 countries and regions. Apple's services category saw a record $20.8 billion in revenue for the quarter, and the company has reached the milestone of 2 billion active devices.
Despite significant technical and engineering challenges, Apple Pay Later is expected to launch soon, and the company may release iOS 16.4 and other software updates in the spring. The feature will be an interesting addition for US customers as it will have zero interest and no fees. Apple Pay Later is available everywhere Apple Pay is accepted online or in-app and will use the Mastercard network.
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