Apple Pay Later might make shopping easier for customers, but it could spell trouble for other providers in the buy now, pay later space. While rumors of the new service had been circulating for several months, the digital giant announced Monday at its developer conference that the pay later function would officially become part of its Apple Pay offerings with the new iOS 16.
“Apple Pay Later will likely present pretty heavy competition for existing buy now, pay later brands,” said Annie Millerbernd, a personal loans expert at Nerdwallet. Like existing options, Apple’s new feature, created with Mastercard and part of the Apple Wallet mobile offering, will allow customers to split up payments into four delayed installments with no interest.
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