Apple Launches ‘Buy Now, Pay Later’ Feature

The new payment option is allowed for select users in the U.S. with plans to offer it to all eligible customers over the next several months.

On Tuesday, Apple launched a new option to consumers in its digital wallet.

The new feature dubbed ‘Apple Pay Later’ allows customers to split payments for purchases into four installments over six weeks. However, the first installment would be due at the time of purchase.

Apple users can now also apply for a loan to make online or in-app purchases within the wallet app, ranging from $50 to $1 thousand, without interest or fees.

The new payment option is allowed for select users in the U.S. with plans to offer it to all eligible customers over the next several months.

Apple’s pay later option is enabled through the Mastercard installments program.