Patcay.com – Apple, the tech giant, has released the “Apple Pay Later” app. This app allows users to purchase goods or services online in installments.
Apple Pay Later offers installment periods of up to 6 weeks without interest. The app is available in the United States and will soon be available in other countries.
To use Apple Pay Later, users must first have an Apple Pay supported credit or debit card. Users can then choose to use Apple Pay Later when making an online purchase.
Once the purchase is complete, users will have the option to pay in four installments. The first installment will be paid at the time of purchase, and subsequent installments will be paid every two weeks.
Apple Pay Later does not charge interest or additional fees. The app uses Mastercard technology to process payments.
Apple Pay Later is one of the Buy Now, Pay Later (BNPL) services that are increasingly popular among consumers. BNPL services allow consumers to purchase goods or services in installments.
BNPL services offer various benefits to consumers, including:
- Flexibility: Consumers can pay in installments according to their budget.
- Convenience: Consumers can make online purchases without having to spend cash.
Apple Pay Later is expected to attract many users, especially among millennials and Gen Z. These generations are known for their ease and convenience in transactions.
Apple Pay Later could also pose a threat to other BNPL companies, such as Affirm and Klarna. Apple has a large and strong user base, which could provide stiff competition for these companies.