Apple has introduced the Apple Pay Later interest-free installment feature. It allows users to split purchases into four payments with zero interest and no fees.
Now Apple users will be able to pay for purchases in installments, dividing the payment into four payments spread over six weeks. The first payment must be made at the time of purchase.
Apple Pay Later credits will have zero interest and no fees. To assess a customer's creditworthiness, Apple will use user purchase and payment history data from both in-store and online services.
Users will be able to easily track, manage, and redeem their Apple Pay Later credits in Apple Wallet. Apple Pay Later credit will be available in amounts ranging from $50 to $1,000. It can be used to pay for online and in-app purchases on iPhone and iPad at stores that accept Apple Pay.
The company announced the development of Apple Pay Later back in June 2022 on the first day of the Apple WWDC 2022 conference, but the function has become available only now and only in the United States.