To send and receive money with an Apple Cash account, you must be 18 and a U.S. Learn more about the Terms and Conditions. Apple Cash services are provided by Green Dot Bank, Member FDIC.'This is literally Klarna,' said another. 'This is how you go into debt,' commented one Twitter user. Some were even concerned, saying it's a bad idea from a personal finance perspective. However, not everyone watching was impressed by the news. Users can apply for the service through their Apple wallets or during the checkout process. It's not just good at the Apple store: You can use Apple Pay Later wherever Apple Pay is accepted online or in-app. But if tradition holds, the 'buy now, pay later' option will likely be part of the iOS 16 rollout in the fall, like many of the other features being promoted at the Worldwide Developers Conference this week. 'Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet,' the company said in a press release Monday.Īpple did not specify a launch date for the service. WWDC 22 live updates: Apple unveils iOS 16, the latest update for iPhone, and a new MacBook Air You would incur those, however, if you still had a balance after six weeks. Apple Pay purchases can be split into four equal payments and you'll have six weeks to pay it off, without incurring interest or fees. Those consumers may be happy to hear that Apple will be offering its own 'buy now, pay later' plan that will let them split a purchase into installments.īut unlike when you buy your phone through your wireless network and make 24 or 36 installment payments, the timeline is much shorter. Sometimes you don't have a choice about when to buy a new tech device – like when your phone is stolen or you have an important paper due Monday and the only thing coming up on your laptop screen is the sad Mac icon. Let's say that happens the week you are due to pay your mortgage or rent.

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