Apple Pay Later ‘launching soon’ as Tim Cook touts record Apple Pay usage over the holidays

Apple Pay Later was introduced at WWDC 2022 as a function of iOS 16. With this function, clients will have the ability to pay in installments just by selecting the choice within the Pockets app when buying one thing with Apple Pay. First anticipated to be launched in late 2022, the function was delayed – and now Apple CEO Tim Prepare dinner has confirmed that Apple Pay Later might be “launching quickly.”

Apple Pay Later coming quickly

In an interview with CNBC, Prepare dinner confirmed that Apple Pay Later is in beta testing amongst Apple staff, and that will probably be accessible to the general public quickly. No particular date was given by Apple’s CEO, however the firm is anticipated to launch iOS 16.4 and different software program updates within the spring. Doubtlessly, the primary betas of the brand new software program might be launched within the coming weeks.

Based on Bloomberg’s Mark Gurman, Apple Pay Later was delayed as a result of the corporate had been going through “significant technical and engineering challenges in rolling out the service.” The journalist additionally talked about that “it’s attainable the function gained’t arrive till iOS 16.4 within the spring.”

Apple Pay Later might be an fascinating addition for US clients, as it can have zero curiosity and no charges. Right here’s how Apple describes this service:

Apple Pay Later supplies customers within the US with a seamless and safe approach to break up the price of an Apple Pay buy into 4 equal funds unfold over six weeks, with zero curiosity and no charges of any sort.

Constructed into Apple Pockets and designed with customers’ monetary well being in thoughts, Apple Pay Later makes it simple to view, observe, and repay Apple Pay Later funds inside Pockets. Customers can apply for Apple Pay Later when they’re trying out with Apple Pay, or in Pockets.

Apple Pay Later is on the market in every single place Apple Pay is accepted on-line or in-app, utilizing the Mastercard community.

Apple Pay has file variety of purchases through the holidays

Throughout a name with traders to announce Apple’s fiscal 2023 first quarter outcomes, Tim Prepare dinner talked about that Apple Pay had a file variety of purchases through the vacation season in 2022. The chief famous that the platform is on the market to thousands and thousands of retailers in 70 international locations and areas.

Apple’s Companies class noticed a file $20.8 billion in income for the quarter. On the identical Time, the corporate has reached the milestone of 2 billion active devices. In 1 / 4 considerably impacted by provide chain shortages, Apple reported $117.15 billion in income with a revenue of $29.99 billion.

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