Apple Pay is getting in on the buy now pay later boom with a feature allowing users to split purchases into four separate payments over six weeks at no additional cost or interest.
Apple Pay Later loans range from $50 to $100 and can be made for online and in-app purchases on iPhone and iPad, as long as the merchants accept Apple Pay.
On Wednesday, the company started inviting select users to test out the feature and said it plans to make it available to all eligible users in "coming months."
“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet.
“Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions," she added.
The feature will be integrated with Apple Wallet, so users can track and manage their loans.
Apple's 8pm ET event Monday will revolve around its iMAC computer lineup of products which are expected to contain its new faster and three next-generation silicon chip.
President Joe Biden on Monday will sign a sweeping executive order to guide the development of artificial intelligence — requiring industry to develop safety and security standards, introducing new consumer protections and giving federal agencies an extensive to-do list to oversee the rapidly progressing technology.
Google's head of search testified at the company's trial Thursday as it started presenting its defense. The Justice Department in several states alleged that Google violated antitrust law to achieve its dominance in search.
