Apple employees are already using Pay Later for testing purposes, report says
- Apple is testing its new "Pay Later" feature among its retail employees in the US, allowing users to break up payments made through Apple Pay into four interest-free installments over a period of six weeks.
- The beta version of the upcoming feature was made available to the company's over 80,000 retail employees following its initial testing phase with corporate employees and will be built into the Wallet app on the iPhone and iPad.
- Apple Pay was first introduced in 2014 and the addition of the Pay Later feature shows Apple's commitment to expanding its mobile payment services, expected to be exclusive to the US initially.
- Apple is also developing another financing feature called "Apple Pay Monthly Installments" with Goldman Sachs, allowing customers to split up the cost of larger transactions over several months with interest applied.
Apple is testing its new "Pay Later" feature for the Apple Wallet among its retail employees in the United States, according to a report from Bloomberg. The Pay Later feature, announced at the Worldwide Developers Conference (WWDC) 2022, allows users to break up payments made through Apple Pay into four interest-free installments over a period of six weeks, essentially acting as Apple's version of a "buy now, pay later" scheme.
The beta version of the upcoming feature was made available to the company's over 80,000 retail employees for testing, following its initial testing phase with corporate employees. The feature will be built into the Wallet app on the iPhone and iPad. The CEO of Apple, Tim Cook, recently announced that Pay Later would be launching soon.
Image credit: Jessy Bains from LinkedIn News
Apple Pay was first introduced in 2014 along with the iPhone 6, with an international rollout following in 2015. The addition of the Pay Later feature shows Apple's ongoing commitment to expanding its mobile payment services. It is expected that the feature will be exclusive to the US initially.
Image credit: How It Happened on YouTube
The report also mentions that the Pay Later feature may not be available in all US states at launch, as indicated on Apple's website. Apple's approach to testing its new features among its employees is similar to what it did with the Apple Card in 2019. The credit card was made available to retail employees for testing around two months before its official launch.
In conclusion, Apple's Pay Later feature is an exciting development in the mobile payment space. The "buy now, pay later" option will provide users with a new level of flexibility and convenience in making purchases through Apple Pay. While the feature is currently in testing, and may not be available in all US states at launch, it is expected to be available soon.
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