Later this fall, Apple Pay Later will let customers in the United States pay for online and in-app purchases through a six-week installment plan with no interest or fees.
Previewed at WWDC, Apple Pay Later will let customers split a purchase into four equal payments paid over the course of six weeks. Apple Pay Later will include zero interest and no fees and will be available "everywhere Apple Pay is accepted," according to Apple.
Inside the Wallet app, users will see a new overview of all of their upcoming payments and how much they owe and can set a personal budget. Apple says that Apple Pay Later will only be available to qualifying applicants, but no further details have been shared.
Saturday August 10, 2024 5:00 am PDT by Tim Hardwick
Apple typically releases its new iPhone series in the fall, and a possible September 10 announcement date has been floated this year, which means we are just one month away from the launch of the iPhone 16. Like the iPhone 15 series, this year's lineup is expected to stick with four models – iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max – although there are plenty of design...
Apple's M3 MacBook Pro is seeing multiple high value discounts on Best Buy and Amazon today, with up to $1,000 off select models. This includes a new all-time low price on the entry-level M3 512GB 14-inch MacBook Pro at $1,299.00, down from $1,599.00, and a massive $1,000 discount on the high-end 16-inch model exclusively for Best Buy members. Note: MacRumors is an affiliate partner with Best...
Tuesday August 13, 2024 4:01 pm PDT by Juli Clover
Multiple rumors have suggested that the iPhone 16 models are going to have an all-new button that's designed to make it easier to capture photos when the devices are held in landscape mode. Apple calls the button the Capture Button internally, and it is going to be one of the most advanced buttons that's been introduced to date with support for multiple gestures and the ability to respond to ...
Apple is beta testing iOS 18 and the first update to iOS 18 concurrently, and we got the second betas of iOS 18.1, iPadOS 18.1, and macOS Sequoia 15.1 today alongside the sixth betas of iOS 18, iPadOS 18, and macOS Sequoia 15. Many of the changes in iOS 18.1 are focused on bringing the .1 betas in line with the standard betas, which recently received updates to Photos and Safari, while...
Thursday August 8, 2024 4:40 am PDT by Tim Hardwick
Apple's iPhone development roadmap runs several years into the future and the company is continually working with suppliers on several successive iPhone models simultaneously, which is why we sometimes get rumored feature leaks so far ahead of launch. The iPhone 17 series is no different – already we have some idea of what to expect from Apple's 2025 smartphone lineup. If you plan to skip...
Apple's rumored iPhone 17 "Slim" could be positioned as an iPhone "Air" to boost sales, according to Bloomberg's Mark Gurman. In the latest edition of his "Power On" newsletter, Gurman explained how the "fourth" model in the iPhone lineup since 2020 (the iPhone 12 mini, iPhone 13 mini, iPhone 14 Plus, and iPhone 15 Plus) has largely been a commercial failure. In the case of the Plus model,...
I find the 3 x fortnightly payment thing a bit strange. The use case for this would normally be to spread the cost across salary payments which, in the UK, normally happen monthly. I appreciate this is US only, so perhaps the payment frequency is different in the US?
US workers generally get paid fortnightly, and this is a US-only feature for now. Here in the UK it is common to have a credit card where, if you pay back your debt monthly with direct debit, you end up having ~1.5 month interest-free (I have that with my Amex). PS autocorrect wrote that US workers get laid fortnightly, does Apple know something I don’t?
Well that would be the fiscally responsible thing to do... but so many people lack the discipline to do that.
(those with such discipline, as well as not spending everything they make, typically don't use buy-now-pay-later financing...)
Paying cash when you can get an interest-free loan is not smart, financially speaking.
I can afford to buy anything that Apple currently sells in online store, but given the choice between paying all upfront, or paying over time, I would choose paying over time, every time, and I do.
Now, if there was a discount for cash, that would be a totally different story.
For more info about Buy Now, Pay Later (BNPL), CNBC ('https://www.cnbc.com/2022/05/13/buy-now-pay-later-is-not-a-boom-its-a-bubble-harvard-fellow-says-.html') has some good articles. Search for "BNPL"- this is still a new 'product' in the US, "without much regulatory oversight, the BNPL market currently exists in “a legal gray space,” according to Lux."
The merchants / stores are able to ring up higher purchase totals; the banks loaning out the money are making their money through late fees, etc.
Good point...I was thinking about the money they make if the customer pays on time...the banks stand to make even more money on late fees, etc if the customer pays late. They only lose in a complete default which is probably relatively rare given the short terms and relatively low amounts of the funding.
Bleagh, now that it's clear what this product really is, it feels pretty unsavory for Apple to be getting involved with it.
