Technology behemoth Apple has introduced a new way Apple users can make online and in-app purchases with the new “Apple Pay Later“.
According to an article on the company’s website, Apple Pay Later is available to Apple users in the U.S and allows users to split purchases into four payments, which are spread over a period of six weeks with no interest or fees. With Apple Pay Later, users can have access to loans of $50 to $1000, which can be used to make online and in-app purchases on their iPhone or iPad with merchants that accept Apple Pay.
Apple will begin inviting selected users to access the prerelease version of Apple Pay Later, before making it available for all eligible users in the coming months.
Commenting on the Apple Pay Later option, Apple’s Vice President Jennifer Bailey noted that Apple seeks to provide its users with a “flexible payment” option which is why Apple Pay Later was introduced.
She said “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,”
Jennifer also added that Apple had its users’ financial health in mind when the payment option was designed.