The interest in buy now, pay later (BNPL) skyrocketed in 2021 and 2022: Millions of people have turned to this installment-payment solution for its convenience, flexibility, and simplicity. So it’s no surprise that Apple announced its new BNPL product, Apple Pay Later, in June.
With its new financial service, the global behemoth will allow U.S.-based consumers to make purchases without needing to pay the total amount upfront, and they’ll be able to split payments into four equal installments. Users can pay back over six weeks with no fees and zero interest.
The tech giant was supposed to release Apple Pay Later this year as a new feature in iOS 16 or an update to it. But technical engineering challenges threw a spanner in the works—the payment solution is expected to launch in 2023.
Despite the delay, Apple Pay Later is bound to create a chain reaction in the BNPL space.
Read the full Digital Transactions article by Yaacov Martin to find out why.