The tech giant has started contacting retail employees to offer a test version, a week after Apple Inc. CEO Tim Cook said the Buy Now, Pay Later service will be launching soon.
What Happened: Apple's long-awaited buy now, pay later service s internal testing has expanded to thousands of retail employees, according to Bloomberg. How to Buy Apple AAPL Shares?
The Apple Pay Later service was previously rolled out for corporate employees.
Apple s buy now, pay later platform allows consumers to split any Apple Pay purchase into four equal installments over six weeks without having to pay any additional interest or fees.
The report noted that the tech giant designed the new financial platform specifically for the tech giant's in-house initiatives.
Why It is Important: Apple's buy now, pay later was first announced in June 2022 and was planned to be released in September as part of the iOS 16 release. Due to some technical hurdles, it faced several setbacks and was delayed until 2023.
The service will allow Apple to provide underwire loans and provide funds for consumers. It will help the company to vault into the fast-growing financial market.
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