“Buy now, pay later”: how Apple’s new system to buy in installments without interest works

Apple’s financial leg is strengthened. Its main tools are the popular Apple Pay and the Apple Card. These two options are now merged Apple Pay Laterwhich gives the possibility of finance interest-free installment purchases.

The tendency to offer these options Buy now, pay later (“buy now, pay later”) are increasingly popular and Apple has taken advantage of this request to present its proposal in this segment.

The novelty is that this purchase option is integrated into Apple Pay, the mobile payment service. This is a new method that allows you to split the payment into up to four interest-free installments for six weeksthe same that the sector offers.

The company’s contactless payments ecosystem enables purchases in brick-and-mortar stores, mobile applications, and the web from iPhones, iPads, Macs and Apple TVs.

How to make interest-free installment purchases with Apple Pay Later

To spread out expenses over a month, any Apple Pay user can decide whether they want to pay a certain amount in one go or in installments.

Therefore, once the identity has been verified on the device, via Touch ID or Face ID, it will ask that the purchase be paid in full or that it be deferred. Those who choose to Pay Later will see how much they are paid at the moment e what the fee will be every two weeks.

Upcoming deadlines are managed through the app Apple wallet, the company portfolio. Using the software allows you to do this keep track of what is due and when.

The first deadline is made official at the beginning of the purchase, followed later another three payments which can be deferred by two weeks each, for a total of six weeks to make the full payment.

Apple Pay is an important part of Wallet, the mobile app where digital versions of credit cards, debit cards, and even the Apple card are stored so you can pay with Apple Pay and Apple Pay Later.

In any case, Apple has announced that this news arrives on Apple Pay, in an integrated way in the United States, however without specifying the geographical availability.

This news will be available when Apple releases final versions of iOS 16, the newly announced operating system that will arrive in late September.

What changes come to the iPhone with iOS 16

The most visible change in software that will come with the iPhone 14 will be the new lock screenwhich will offer a multitude of design options and the ability to include “widgets” and real-time updates.

In the case of the messaging application, Apple has decided to respond to repeated requests from its users and to allow editing and deletion of messages once sent, as well as marking a conversation as unread to remember to reply later.

iOS 16 also brings improvements to the voice dictation system, map application, with more detail and 3D available in different countries.

Apple will also expand the possibilities for parents to control their children’s iPhone use and offer a privacy option designed for people in abusive relationships, who could leave the other person without access to their location or keys. shared, among other things. .

SL