Coming soon: Apple Pay Later. Despite rising worries that repeated delays would have meant the project’s termination, Apple has stated it still intends to introduce its own Buy Now Pay Later system later this year.
Since its initial June 2022 announcement, Apple Pay Later has seen numerous delays and failures. It was originally scheduled to debut alongside iOS 16 in September 2022. It now appears that it will arrive sometime in 2023.
Apple Pay Later is now listed as “coming in a future update” on the firm’s official iOS website. However, the CEO of the company now seems to have provided some clarity on when this may happen.
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Coming soon: Apple Pay Later
Apple CEO Tim Cook acknowledged that plans to introduce the service are still in the works in an interview with CNBC. But he was unable to provide a specific launch date.
It will shortly launch, said Cook. He added that he had also disclosed that Apple staff were beta testing the program, according to CNBC.
Apple Pay Later is planned to be available as a payment option for expensive goods. This is in addition to paying in full anytime a customer checks out with Apple Pay or Wallet. It is included in Apple Wallet and is accessible online and within apps.
The solution is based on the Mastercard network. It provides users with a clear view of the precise payment amounts and due dates. Apple claims the tool was “built with consumers’ financial health in mind.” And it gives users the opportunity to pay early to settle a balance if they so want.
Since it wants to provide its clients with a broad variety of products in addition to its well-known hardware, such as the iPhone, iPad, and Mac lines, Apple has been attempting to enter the financial services sector for some time.
In a big gesture of support for all small businesses, Apple’s Tap to Pay on iPhone service became live in February 2022. Enabling thousands of them to take payments via iPhone.
Tap to Pay on iPhone, which is initially only accessible in the US, uses NFC to securely complete and process transactions. It is compatible with iPhone XS and subsequent devices.
Businesses that already use PayPal and Venmo will have more options for accepting payments. This is without the need for cash. At least according to the company’s recent announcement that Tap to Pay is now an option on the iOS apps for both services.
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