Apple Inc. AAPL users are waiting for the company to provide a buy-now pay-later BNPL service since it introduced its financial service in 2022. What Happened: Apple CEO Tim Cook stated that the tech giant still expects to introduce Apple Pay Later as a component of its financial services business after the company reported its first-quarter earnings on Thursday, according to AppleInsider. Cook told CNBC that it will be launching soon.
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Apple Pay Later is a buy-now platform that will allow users to split any Apple Pay purchase into four equal instalments over six weeks without additional interest or fees.
The feature will allow Apple to underwrite loans and provide funds for users. It will help the tech giant absorb any losses that are incurred when borrowers miss their repayment obligations.
Since the announcement, the feature has been delayed. The report noted that Apple Pay Later could be released in the iOS 16.4 update in September.
In June last year, it was reported that Apple pay-now-later services were announced at a time when fintech companies providing similar services were underperforming due to various reasons. Some of these companies were Affirm Holdings, Australia's Zip Co., and Block, which acquired Afterpay.
Watch Out Next Year!