Apple became the newest business to join the buy now, pay later trend on Tuesday when it introduced a feature in its digital wallet that enables users to pay for their online purchases in installments.
Customers can now split purchases into four equal payments over the course of six weeks thanks to the new Apple Pay Later feature, with the first payment owing at the time of transaction.
Apple customers can also use the Wallet app to ask for loans that range from $50 to $1,000 with no fees or interest charges in order to carry out online or app-based purchases.
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Based to a company release, the method of payment is currently being made available to a small number of American users, with intentions to make it available to all eligible consumers over the course of the ensuing few months.
The feature was first hinted at by Apple last year. In the face of high inflation and general economic uncertainty, an increasing number of consumers are turning to buy now, pay later services to extend their budgets.
The same payment choice is also available through popular services like Affirm, Klarna, and Afterpay. However, some economists and pro-consumer activists have expressed worry that these services might lead consumers to incur more debt.
Based to a company release, the method of payment is currently being made available to a small number of American users, with intentions to make it available to all eligible consumers over the course of the ensuing few months.
The feature was first hinted at by Apple last year. In the face of high inflation and general economic uncertainty, an increasing number of consumers are turning to buy now, pay later services to extend their budgets. The same payment choice is also available through popular services like Affirm, Klarna, and Afterpay.
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However, some economists and pro-consumer activists have expressed worry that these services might lead consumers to incur more debt.
The latest feature is “designed with users’ financial health in mind,” according to Apple. According to Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, “there’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later.”
Future loan payments can be monitored and managed in the Wallet app for Apple users. The company claims that any loan registration can be made through the app without having an impact on credit.
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