Apple announces buy now pay later, among iOS 16 plans

Apple is planning a buy now pay later (BNPL) service as part of its new operating system, iOS 16.

Apple Pay Later will allow users in the US to spread the cost of a purchase into four payments over six weeks, without paying interest or fees.

It forms part of a range of new iPhone features, including the ability to edit iMessages and a feature intended to help people in abusive relationships.

The features were unveiled at WWDC, the firm’s annual developers’ conference.

BNPL services - which are currently unregulated in the UK - have been criticised for the way they are used by low-income groups.

3 Likes

BNPL is a good idea to improve the ability of people to make purchases with a limited amount of funds in their account, especially when you are able to get the best deal on your purchase today only but your salary (let’s say) will debit your account in a week’s time. Very likely it would stop from making this purchase at all once the deal of the day ran out. Then Apple lost interest from the company which uses Apple Pay service. But now you able to pay for purchase partially and pay the rest over the certain period of the time. The customer is happy, Apple is happy and the contracted with Apple Pay business are happy too. Sounds like a very good decision to me. There always will be some financial loss due to some customers making purchase today, knowing they won’t be able to pay the rest within a stated period of time, but it is a different story.