Apple Pay Later Launching 'Soon'

[MacRumors]

The Apple Pay Later service that Apple has in the works is set to launch "soon," Apple CEO Tim Cook told CNBC ahead of today's earnings call for the first fiscal quarter of 2023.

Cook said that Apple employees are beta testing the Apple Pay Later feature, which will help Apple boost services revenue. "It will be launching soon," Cook said.

Apple Pay Later was first previewed at the Worldwide Developers Conference in June. It is similar to the buy now, pay later feature offered by PayPal, and it is designed to allow users to make multiple payments for their purchases.

With Apple Pay Later, a purchase can be split into four payments that can be made over the course of six weeks, and the option will be available where Apple Pay is accepted. Payments will be managed through the Wallet app.

Article Link: Apple Pay Later Launching 'Soon'

 

[WilliApple]

I bet this feature will unfortunately put a lot of people in debt.

Someone could easily pay $166 for a MacBook once, and not have the remaining $833 after.
Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.

 

[rorschach]

I wish they would wait until things are ready (or very close to being ready) before announcing them. They’ve always had things that got delayed or announced early, but it feels like it’s happening more and more often. This. Apple Music Classical. The Apple Card savings account. Web notifications on iOS. And those are JUST features from this release cycle.

 

[ppjones]

eagerly awaiting Apple - Buy Now, Pay Never

 

[fatTribble]

I’m waiting for the savings account! So I can start saving for new Apple products! 😳

 

[JonathanParker]

Apple Pay later, later

 

[SevLucas]

What a slippery slope of a feature. Helpful in emergencies, but many people don’t have the self control to not spend money that they do not posses. It can add up very quickly. Funny timing for this feature to come out when American debt is at an all time high…

 

[Cyberius11]

Can't wait to split my eggs into multiple payments.

 

[Nacho3891]

Just for the record, Apple Pay (without the term "Later") turned 1 year old saying on the official site that it will launch "Soon" in Chile.

 

[Patdt13]

I think this is gonna be very popular with the Walmart and Target crowd when buying their lost pair of AirPods or beats. I work at a Target and have to deal with people asking all the time about the payment plans. Really slippery slope. It could be helpful for iPads or the more expensive tech but people are gonna be using to buy a 99 dollar apple pencil.

 

[klasma]

I bet this feature will unfortunately put a lot of people in debt.

Someone could easily pay $166 for a MacBook once, and not have the remaining $833 after.
Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.

The Apple henchmen will come to your house to collect the bill. They’ve been practicing power posing in their event videos for years now.

 

[stringbender]

I guess this is for people who can't do math or don't know how to budget the "wheel" on the app? How about a 12-18 month 0% finance charge feature?

 

[Mousse]

Soon™ As a casual gamer, I hate the "Soon™" time frame.😓

 

[v0lume4]

As bad as many people are with financial management, the last thing they need is yet another way to defer payments to a later date. We already have loans for cars and houses, credit cards, etc etc.

Since we're on the topic, how is this not basically a credit card? Sounds basically the same, except you have set payment dates instead of being able to "postpone" them indefinitely with a minimum payment (a la credit cards).

 

[v0lume4]

Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.

Oh they'll get their money. We'll find out how in the fine print. This won't be a charity, I think we all know that is a guarantee.

 

[Macalway]

Move the merch at all costs. Boost the numbers for the shareholders.

This never ends well LOL

At least with the Apple Card you have to qualify, and not be a bum, mostly

 

[PsykX]

Funny because in Brazil... ANYTHING you buy, in basically any store, they ask if you want to spread your payment in 4 or 12 payments in the coming months.

Even the one time when I just paid for a bottle of water. 😅

I believe it's a common thing in some countries. Not used to it in Canada, except for furniture.

 

[anthogag]

Apple Pay Later can be used wherever Pay shows-up? That would be pretty good because these pay later services are not everywhere like Pay.

These pay later services are better than credit cards because it is paid-off in 6 weeks, unlike credit cards where a person can just make minimum payments and drag-it-out.

 

[macos9rules]

Since we're on the topic, how is this not basically a credit card? Sounds basically the same, except you have set payment dates instead of being able to "postpone" them indefinitely with a minimum payment (a la credit cards).

The main difference is there is no interest.

 

[antiprotest]

Cook said that Apple employees are beta testing the Apple Pay Later feature

This includes testing collections going after these employees, and that takes time. Thus the delay.

 

[v0lume4]

The main difference is there is no interest.

Interesting. I wonder if interest kicks in x days after missing a payment.

 

[TVreporter]

The main difference is there is no interest.

Yet… or buried in the fine print

 

[anthogag]

Yet… or buried in the fine print

There is no interest for the consumer. Apple would charge a fee to the seller/business. I would guess the advantage for the seller/business using the service is more items are sold at full price instead of people waiting for a sale.

 

[CapitalIdea]

I bet this feature will unfortunately put a lot of people in debt.

Someone could easily pay $166 for a MacBook once, and not have the remaining $833 after.
Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.

The feature will not put people in debt. Apple will not “make people be in debt or something” either. The personal choices of the purchaser will decide.

 

[DeepIn2U]

I bet this feature will unfortunately put a lot of people in debt.

Someone could easily pay $166 for a MacBook once, and not have the remaining $833 after.
Wonder how Apple will combat this, or if Apple is going to make people be in debt or something.

Easy solution for Apple.

reduce access to USA users whom ONLY have ApplePay + AppleCard.
Done.