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Apple Introduces Apple Pay Later to US Market


  • The tech giant taps Mastercard and Goldman Sachs for the BNPL product.

  • Apple started testing the pre-release version with select users on Tuesday.

The tech giant, Apple is finally introducing Apple Pay Later, its buy now, pay later (BNPL) product to the US markets, six months later than the earlier announced launch date of September 2022. However, the product will only become available to all eligible users “in the coming months,” Apple announced on Tuesday.



The technology company in a press statement said it will invite select users to access the pre-released version of the product starting Tuesday. The new product has been designed to enable users to split their purchases into four payments, spread over six weeks with no interest and no fees, the firm added.

Apple Taps Mastercard and Goldman Sachs

Apple is launching Apple Pay Later, which is built into the Apple Wallet, in partnership with Mastercard and Goldman Sachs. According to the company, while Mastercard powers the instalment function, Goldman Sachs issues the payment credential used to complete Apple Pay Later purchases.



The new product complements Apple Pay, the company’s mobile payment service which was introduced in 2014 and allows users to make payments physically, in iOS applications and on the web. Estimates put the number of Apple Pay users across the globe at over 500 million as of 2020.


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"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,” explained Jennifer Bailey, the Vice President of Apple Pay and Apple Wallet.

The new BNPL product is being offered by Apple Financing LLC, a subsidiary of the giant technology firm that handles credit assessment and lending.



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