Apple is going to be launching their own buy-now-pay-later system soon. Apple Staff have been beta testing the program. When used for purchases, customers can split the purchase into four payments, over the course of six months. This is not really designed for buying from the Apple Store, but any store where Apple Pay is accepted.
When you use Apple Pay, while shopping at virtually any store, you can spread out the payments, instead of paying at once. Everything is done via the Apple Wallet App. It will provide a preview and date, when each payment is due and will automatically be billed to the billing method that is on file, such as a credit card or PayPal. I suppose one of the key features is zero interest and no fees.
Apple Pay Later will initially only be launched in the United States. A new software update for the iPhone will be launched to enable this feature, once it is ready for prime time. Why is Apple launching this? It is directly targeting Millennials and Gen Z. And it’s clear why: these types of consumers have little credit history and big ambitions. Therefore traditional payment methods like credit cards or loans do not appeal to them. Apple also wants to boost up their services revenue.Â
Michael Kozlowski is the editor-in-chief at Good e-Reader and has written about audiobooks and e-readers for the past fifteen years. Newspapers and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times have picked up his articles. He Lives in Vancouver, British Columbia, Canada.
