Apple launches payment service Apple Pay Later

Buy now, pay later solutions have become the new investment area for technology companies. Technology giant Apple announced that they have launched its payment service Apple Pay Later in the US. The service offers its users the opportunity to split their purchases into four installments with zero interest and no extra fees. Apple Pay Vice President Jennifer Bailey said, “Apple Pay Later was designed with our users’ financial health in mind. Therefore, it has no additional fees or interest.” American technology company Apple did not remain indifferent to buy now, pay later solutions, which have become one of the fastest-growing areas of the financial ecosystem. Apple has launched its payment service called Apple Pay Later. Apple Pay Later, where the company has undertaken the “buy now, pay later” business, allows users to split their purchases into four installments with zero interest and no extra fees. Apple Pay Later is currently only used in the United States. Apple Pay Vice President Jennifer Bailey gave important clues about the company’s new service. Bailey said, “Apple Pay Later was designed with our users’ financial health in mind. Therefore, it has no fees or interest. It can also be used and managed within Apple Wallet.” It should also be noted that there is no commission charged with Apple Pay Later. All payment details to be made with Apple Pay Later can be tracked via the Apple Wallet app. Apple announced that users will be notified via the Wallet app or email before the payment due date. It was also stated that only bank cards can be used in this service; credit cards will not be accepted in case consumers have difficulty repaying their loans. The biggest players in the buy now, pay later solutions market include companies such as PayPal, Affirm and Klarna.