Apple Pay Later is now official: installment payments without interest arrive on the iPhone

Now Apple is also reaching this business as it has just been announced at WWDC 2022, which we are covering live. Interest-free financing, although the details will have to be seen in case it happens as with the Apple Card, which charges them in case the user requires a longer payment of a fee.

Buy now, pay later…no Apple Card required

With the name “Apple Pay Later” comes this integration within the current Apple Pay, which does not require any specific additional integration and is compatible with the same payment terminals as the Apple Pay that we already know. It is simply a new function that allows the service to split the payment in up to four installments without interest for six weeks, the same as the industry is offering.

The six-week term is something that can perhaps be contextualized in a launch in the United States, where there is a culture of weekly or biweekly salary payments, instead of the monthly ones, more common in latitudes like ours. This launch is also contextualized in the American culture around credit cards and credit scoring: with Apple Pay Later, an Apple Cardy is no longer necessary for immediate and integrated financing on the iPhone.

In any case, Apple has communicated that this novelty comes on Apple Pay, in an integrated way, although without specifying its geographical availability, something that we will update in this article as soon as we have news about it.

This novelty will be available when Apple releases the final versions of iOS 16, the newly announced operating system that will arrive, if everything goes as usual, in late summer or early fall.