What happened now? Apple made a huge number of announcements during yesterday’s WWDC 2022 conference, many of them related to the latest version of its mobile operating system. One new feature in iOS 16 is getting a lot of attention: the Buy Now, Pay Later (BNPL) option for Apple Pay called Apple Pay Later.
BNPL plans have been gaining traction lately, especially with inflation hitting a 40-year high and rising cost of living – Elon Musk recently said he has “super bad feelingabout the economy. PayPal, Block, Affirm, Klarna, and Mastercard are just a few of the firms offering BNPL, and Apple is joining Apple Pay Later.
iOS 16 version is stiffer than some competitors. When you buy something using Apple Pay, you will be able to pay for the product in four equal purchases within six weeks. The first payment is made in advance, the remaining payments occur every two weeks. There are no additional interest or hidden fees when you use Apple Pay Later.
In addition, users will be able to view, track, and refund Apple Pay Later payments in Apple Wallet. This feature is available wherever Apple Pay is accepted online or in the app using the Mastercard network.
Apple will run a soft credit check on those who apply for Apple Pay Later. This will not affect your credit score, but as with other loan payments, it will be adversely affected if you miss any payments.
Despite all the benefits of BNPL’s zero-fee interest-free plans, there is always the risk that people will borrow more than they can afford, miss payments, and go further into debt. Was a lot of indignation at Microsoft last December after integrating a “Buy Now, Pay Later” app called Zip into the Edge browser.
Another new Apple Wallet feature in iOS 16 is order tracking, which provides users with detailed receipts and order tracking information for Apple Pay purchases from participating merchants.
The public beta of iOS 16 will begin in July, with the public version available later this year.
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