Apple’s buy now, pay later feature was announced at WWDC. Apple Pay Later will launch as part of iOS 16, allowing US Apple Pay users to make four equal payments over six weeks at no extra cost. Merchants can opt into the scheme without any impact on now or when they are paid.
Despite the lack of fees and interest charges, Apple will still make money from the service, and consumers have been warned to use the feature with caution.
Since the announcement, we’ve learned that Apple is forgoing a bank partner, and will use your Apple ID history as one of its fraud prevention tools.
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