According to the company, Apple Pay Later lets customers split a purchase into four equal payments over six weeks, with no interest or fees to pay.
Apple Pay Later feature, which was first previewed at the Worldwide Developers Conference (WWDC) in June 2022, is likely to launch soon. According to a new report, CEO Tim Cook said that Apple employees are beta testing the Apple Pay Later service, which will help Apple boost services revenue.
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During an interview with CNBC, Cook said that the Apple Pay Later feature will be launching soon. It is similar to the buy now, pay later feature offered by PayPal, and it is designed to allow users to make multiple payments for their purchases.
According to the company, Apple Pay Later lets customers split a purchase into four equal payments over six weeks, with no interest or fees to pay. Apple Pay Later is available in the United States only for purchases in apps and online when customers check out with Apple Pay.
And it’s built into Wallet so customers can easily track what they owe and when they owe it. By using the Mastercard network, Apple Pay Later just works with Apple Pay and requires no integration for merchants.
In related news, The Cupertino-based tech giant released its Q1 2023 financial report on Friday, showing revenue of $117.2 billion, a 5 percent decrease compared to the previous year. However, the tech giant saw exceptional results in India, reaching record-breaking numbers and leaving CEO Tim Cook feeling ‘very good’ as he stated in a statement.
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“Looking at the business in India, we set a quarterly revenue record and grew very strong double digits year over year and so we feel very good about how we performed,” Tim Cook said about Apple’s growth in India. Tim also claimed that India is a “hugely exciting market” for Apple and remains a major focus.
He added, “We brought the online store there in 2020. We will soon bring Apple Retail there. We are putting a lot of emphasis on the market. There’s been a lot going from financing options and trade-ins to make products more affordable and give people more options to buy.”
