Don’t think you can afford to shell out a few grand for the latest MacBook Pro? How about spending north of a grand for a decked-out iPad Pro and iPhone Pro while the country is hit by inflationary pressures?
Apple says: Yes, you can.
The tech giant is currently working on multiple different projects and has encountered some technical setbacks along the way.
One of the projects is the “Buy now, pay later” program, and it is expected to become a popular feature. It will also help the Cupertino-based technology leader weather a tough economy when sales are otherwise expected to decline.
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A “pay later” program is a lifeline for retailers when consumers begin to wait to make large purchases.
A “pay later” program, in the works at Apple, can usually help both buyers and sellers. (Kurt Knutson)
What is “Buy Now, Pay Later”?
In late 2022, Apple announced it will release what will become known as Apple Pay Later, or “Buy Now, Pay Later.”
It looks like this new way of walking out the door with Apple merchandise without having to pay in full is about to begin. It allows you to buy Apple products in installments by simply choosing an option available in the Wallet app when you make a payment.
The service allows you to pay in four equal installments and get interest-free for up to six weeks. This is similar to services offered by other companies such as PayPal, Affirm and Klarna. The official launch was supposed to take place last year; however, it has been postponed to this year and is expected to launch sometime in March or April.
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Who gets the most loan power for Apple products?
One of the important factors that determine your purchasing power in the new Apple Pay Later program is linked to your purchase history. If you’ve shopped a lot for Apple products on Apple.com or in Apple stores, you can get a higher buyability score.
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What other new Apple services are in the works?
In addition to Apple Pay Later, Apple is also working on three other new service options.
One of the services is called Apple Card Savings Accounta new savings account that Apple users can open with an Apple Card.
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People can deposit their daily money to get more out of the rewards they earn with their Apple credit card. They can also fund the account directly from a linked bank account. It is not yet officially known when this service will be released.
The other two services that Apple is reportedly working on but haven’t officially announced yet are one Monthly Apple Pay service and a Subscription program for iPhone hardware.
Do you plan to use any of these new services on your Apple devices? Let us know your opinion.
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