‘Apple Pay Later’ Is Coming to Apple Pay

'Apple Pay Later' Is Coming to Apple Pay thumbnail

Apple’s WWDC, (Worldwide Developer Conference), is currently underway in Cupertino.

Thomas Trutschel | Getty Images

The conference, which began at 1 p.m. PST, has already revealed several exciting new products and features in the pipeline for the tech giant, including the long-awaited iOS 16 (set to debut this September), which will now feature the ability to edit and unsend iMessages.

Another feature that Apple customers were excited about was the unveiling of its newest buy now, and pay later product, appropriately named Apple Pay Later.

Related: Apple Reveals Long-Awaited Edit and Unsend Features to iMessage

Apple Pay will be a viable option for consumers who want to make large purchases and invest in the future.

Users can pay for a product anywhere Apple Pay is accepted, and then pay the cost back in four installments over six weeks with no additional fees or charges.

“Designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet,” Apple said.

The first payment must be made upfront. All pending and complete payments will be managed through Apple Wallet.

Block, a competitor of Apple formerly known as Square, bought its way into the “pay later” space earlier this year via its acquisition of Afterpay Limited.

The two services will be competing for users’ attention upon Apple’s rollout.

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