Over at the Worldwide Developers Conference, Apple on Monday, announced that the company will be introducing a “buy now pay later” feature known as “Apple Pay Later” purchase option into iOS 16.
The plan will allow U.S.-based users to spread the cost of a purchase into four payments over six weeks without interest or fees. While users can add most credit cards to your iPhone wallet, they’ll need to link a debit card as a repayment method when setting up a loan with Apple Pay Later.The feature forms part of a range of new iPhone features, including the ability to edit iMessages and a feature intended to help people in abusive relationships.
The option is currently being explored by an assortment of news outlets, and it’s thought that Apple can see an upside to this by increasing its overall marketshare as well as receiving retailer fees for offering this service.
A public iOS 16 beta is expected in July.
Stay tuned for additional details as they become available.
Via BBC and The Points Guy