Apple has launched an option in its digital wallet called "Apple Pay Later", which allows customers to pay in installments for their online purchases.
The new option was confirmed by Apple in a press release, making it the latest company to adopt the buy now, pay later trend.
Through this option, users can split their purchase payments into four installments over a period of six weeks, with the first payment being due at the time of purchase. Moreover, customers can apply for a loan ranging from $50 to $1,000 on the Wallet app, for online or in-app purchases, with no interest or fees.
The company confirmed that the payment option is currently rolling out to some users in the United States, and there are plans to make it available to all eligible customers in the coming months. Apple's move comes as more consumers turn to buy services now and pay later, to manage their finances amid high inflation and economic uncertainty.
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