IPhone maker Apple has launched its buy now, pay later service Apple Pay Later in the U.S. that will allow consumers to pay for purchases over time.
Apple Pay Later service will allow users to split purchases into four payments, spread over six weeks with no interest or fees.
Users can apply for loans between $50 and $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.
The company will begin inviting select users to access a prerelease version of Apple Pay Later, and plans to offer it to all eligible users in the coming months.
Apple Pay Later is available in the U.S. for online and in-app purchases on iPhone and iPad. Apple Pay Later is available with iOS 16.4 and iPadOS 16.4.
Apple iPhones are expected to achieve 0.5 percent drop in shipment in 2023 to 225 million units, says the latest IDC report.
Global smartphone shipments are expected to drop 1.1 percent in 2023 as recovery is pushed forward into 2024 amidst weak demand.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said: “Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
Goldman Sachs is the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.