Abstract
[Extract]
Apple has joined the thriving “buy now, pay later” industry, with a customised service called Apple Pay Later. The service was announced earlier this week at the 2022 Worldwide Developers Conference, and will initially be launched in the United States later this year.
Pay Later will be built into the Apple Wallet and eligible for use on any purchase made through Apple Pay. Customers will be able to split the cost of a purchase into four equal payments, with zero interest and fees, spread over a period of four months.
To qualify, however, Apple will first do a soft credit check on users wanting to use the service. The technology behemoth claims it has designed the feature with “users’ financial health in mind”.
It’s likely Apple is trying to consolidate its foothold in the world of consumer finance, and increase its profitability. And consumers should be aware of the risks of using such a service.
Apple has joined the thriving “buy now, pay later” industry, with a customised service called Apple Pay Later. The service was announced earlier this week at the 2022 Worldwide Developers Conference, and will initially be launched in the United States later this year.
Pay Later will be built into the Apple Wallet and eligible for use on any purchase made through Apple Pay. Customers will be able to split the cost of a purchase into four equal payments, with zero interest and fees, spread over a period of four months.
To qualify, however, Apple will first do a soft credit check on users wanting to use the service. The technology behemoth claims it has designed the feature with “users’ financial health in mind”.
It’s likely Apple is trying to consolidate its foothold in the world of consumer finance, and increase its profitability. And consumers should be aware of the risks of using such a service.
| Original language | English |
|---|---|
| Journal | The Conversation |
| Publication status | Published - 8 Jun 2022 |