Being able to buy things and pay for them later is something that has been around for a long time. Until now it was a banking service via, normally, credit cards, but now the payment service, Apple Pay, is being tested by Apple and the payment comes later. What we called Apple Pay Later. Company CEO Tim Cook warned that soon we will have it available make shopping easier for users and the business can generate more revenue.
Apple Pay Later was first showcased at the Worldwide Developers Conference in June. It is similar to the buy now, pay later feature offered by PayPal, Affirm and Klarna. And it is designed to allow users to make multiple payments for their purchases. Tim Cook said Apple employees are beta testing the Apple Pay Later feature, which will help Apple increase revenue from its services and that it could come out very soon.
Normally, purchases made with this service can be paid for in four equal installments which must be made over a period of six weeks. The company has confirmed that it uses the Mastercard network to offer the service, the same network you use for your Apple Card credit card.
Conclusion: Apple Pay Later is technically a loan service. Apple will therefore need to perform a credit check and decide whether or not to offer you the loan to use to finance a purchase. Apple uses its own subsidiary, Apple LLC Funding, to manage credit checks, decision making and loans. It will be possible to borrow up to a maximum of 1000 dollars, we will have to wait for it to arrive in Europe (USA), but we assume that it will be a similar amount.
The best is that there will be no interest or fees or commissions of any kind.
