Don’t think you can afford to shell out a few bucks for the latest MacBook Pro? With the country suffering from inflationary pressures, how about splurging on a luxurious iPad Pro and iPhone Pro?
Apple says: Yes, you can.
The tech giant is currently working on a number of different projects and has encountered some technical setbacks along the way.
One such item is a “buy now, pay later” program, which 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 be weak.
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“Pay later” schemes are the retail industry’s lifesaver when consumers start holding back on bulk purchases.
What is “Buy Now Pay Later”?
At the end of 2022, Apple announced that it will release the so-called Apple Pay Later, which means “buy now, pay later”.
This new way of walking out of the house with Apple merchandise without having to pay for it in full appears to be about to begin. This allows you to purchase Apple products in installments simply by selecting the option available in the Wallet app when paying.
The service will allow you to pay in four equal installments and get up to six weeks interest-free. 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 pushed back to this year and is expected to launch sometime in March or April.
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In the new Apple Pay Later program, an important factor in determining your purchasing power will be tied to your purchase history. If you buy a lot of Apple products on Apple.com or in an Apple retail store, you’re likely to earn a higher Purchase Value score.
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What other new Apple services are in development?
In addition to Apple Pay Later, Apple is developing three other new service options.
One of these services is called Apple Card Savings Accounta new savings account that Apple users with an Apple Card can choose to open.
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People will be able to deposit their Daily Cash to get even more out of the rewards they earn with their Apple Credit Card. They can also deposit additional funds into the account directly from the linked bank account. There’s no official word yet on when the service will launch.
Two other services Apple is reportedly working on that have yet to be officially announced are: Apple Pay Subscription Service and iPhone Hardware Subscription Plan.
Are you planning to use these new services on your Apple devices? Let us know what you think.
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