Apple Pay Later has reportedly been delayed.
Apple first announced the new buy now pay later scheme at this year’s WWDC 2022, offering consumers a way to pay for their goods in instalments rather than in one lump sum. Similar to other platforms like Klarna, the service will sit inside of the Wallet app and give Apple yet another revenue stream to add to its bow.
Although the scheme was set to launch later this year, it’s now believed to be delayed until 2023.
Bloomberg‘s Mark Gurman said: “iOS 16 was released on Sept. 12, and Apple Pay Later was a no-show. The company didn’t make any fuss or major disclosure about the delay.”
“This leads me to believe that the company isn’t completely certain when Apple Pay Later will be ready for launch. It’s possible the feature won’t arrive until iOS 16.4 in the spring. I’m hearing there have been fairly significant technical and engineering challenges in rolling out the service, leading to the delays.”
Apple Pay Later, when it launches, will be free to use. Apple describes it as a “seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind. Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.”
Are you disappointed to hear that the feature has been delayed? Stay tuned and check back soon for more.