Later this fall, Apple Pay Later will let customers in the United States pay for online and in-app purchases through a six-week installment plan with no interest or fees.
Previewed at WWDC, Apple Pay Later will let customers split a purchase into four equal payments paid over the course of six weeks. Apple Pay Later will include zero interest and no fees and will be available "everywhere Apple Pay is accepted," according to Apple.
Inside the Wallet app, users will see a new overview of all of their upcoming payments and how much they owe and can set a personal budget. Apple says that Apple Pay Later will only be available to qualifying applicants, but no further details have been shared.
Friday August 16, 2024 4:14 am PDT by Tim Hardwick
Leaker Sonny Dickson is back today with a new dummy unit image showing all four iPhone 16 Pro color variants, including the rose gold or "bronze" unit that replaces Blue Titanium in the existing iPhone 15 Pro models. The iPhone 16 Pro models are expected to come in black, white or silver, gray or "Natural Titanium," and a rose or rose gold color replacing Blue Titanium, according to Apple...
Tuesday August 13, 2024 4:01 pm PDT by Juli Clover
Multiple rumors have suggested that the iPhone 16 models are going to have an all-new button that's designed to make it easier to capture photos when the devices are held in landscape mode. Apple calls the button the Capture Button internally, and it is going to be one of the most advanced buttons that's been introduced to date with support for multiple gestures and the ability to respond to ...
Saturday August 10, 2024 5:00 am PDT by Tim Hardwick
Apple typically releases its new iPhone series in the fall, and a possible September 10 announcement date has been floated this year, which means we are just one month away from the launch of the iPhone 16. Like the iPhone 15 series, this year's lineup is expected to stick with four models – iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max – although there are plenty of design...
Wednesday August 14, 2024 6:20 am PDT by Tim Hardwick
Apple's iPhone 16 series is expected to debut in September 2024. This release follows Apple's trend of introducing new iPhone models annually in the fall. While the exact date has yet to be officially confirmed, the day of Tuesday, September 10 has been rumored as a possible announcement date, and September has traditionally been the month when Apple unveils its latest smartphone innovations. ...
Wednesday August 14, 2024 11:30 am PDT by Eric Slivka
Apple is moving forward with its project to develop a tabletop robotic device, according to Bloomberg's Mark Gurman. Subscribe to the MacRumors YouTube channel for more videos. The device would feature a large iPad-like display mounted on a "thin robotic arm" that would allow the display to tilt and up and down and rotate a full 360º, and it would serve as a "smart home command center," a...
Thursday August 15, 2024 4:34 pm PDT by Juli Clover
It's almost September, but Apple still has multiple new product launches planned for 2024. New iPhone 16 models and Apple Watches are coming in September, and we're also going to get at least three Mac updates with M4 chips this year, according to rumors. Here's what's on the horizon. MacBook Pro Apple plans to refresh both the 14-inch and 16-inch MacBook Pro models, adding M4 chips. The ...
Thursday August 15, 2024 1:32 pm PDT by Juli Clover
T-Mobile was fined $60 million by the Committee on Foreign Investment in the US (CFIUS) for negligence surrounding data breaches, reports Reuters. CFIUS penalized T-Mobile for failing to prevent or disclose unauthorized access to sensitive customer data. When T-Mobile merged with Sprint, it signed a national security agreement with CFIUS, which is what led to the fine earlier this year....
I find the 3 x fortnightly payment thing a bit strange. The use case for this would normally be to spread the cost across salary payments which, in the UK, normally happen monthly. I appreciate this is US only, so perhaps the payment frequency is different in the US?
US workers generally get paid fortnightly, and this is a US-only feature for now. Here in the UK it is common to have a credit card where, if you pay back your debt monthly with direct debit, you end up having ~1.5 month interest-free (I have that with my Amex). PS autocorrect wrote that US workers get laid fortnightly, does Apple know something I don’t?
Well that would be the fiscally responsible thing to do... but so many people lack the discipline to do that.
(those with such discipline, as well as not spending everything they make, typically don't use buy-now-pay-later financing...)
Paying cash when you can get an interest-free loan is not smart, financially speaking.
I can afford to buy anything that Apple currently sells in online store, but given the choice between paying all upfront, or paying over time, I would choose paying over time, every time, and I do.
Now, if there was a discount for cash, that would be a totally different story.
For more info about Buy Now, Pay Later (BNPL), CNBC ('https://www.cnbc.com/2022/05/13/buy-now-pay-later-is-not-a-boom-its-a-bubble-harvard-fellow-says-.html') has some good articles. Search for "BNPL"- this is still a new 'product' in the US, "without much regulatory oversight, the BNPL market currently exists in “a legal gray space,” according to Lux."
The merchants / stores are able to ring up higher purchase totals; the banks loaning out the money are making their money through late fees, etc.
Good point...I was thinking about the money they make if the customer pays on time...the banks stand to make even more money on late fees, etc if the customer pays late. They only lose in a complete default which is probably relatively rare given the short terms and relatively low amounts of the funding.
Bleagh, now that it's clear what this product really is, it feels pretty unsavory for Apple to be getting involved with it.
