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Bloomberg’s Mark Gurman pointed out that Apple Pay Later was the only unreleased iOS 16 feature with no specific time frame for its rollout.
Tech giant Apple (NASDAQ: AAPL) is reportedly delaying its Apple Pay Later service till next year due to technical engineering issues. The feature is the company’s version of Buy Now, Pay Later, which allows customers to buy a product and pay in installments over time. For Apple, qualified customers in the US could buy an Apple product and spread payments into four over six weeks. However, Apple Pay Later, which was initially rumored to be out with the iOS 16, is on hold till 2023.
Apple announced the Pay Later feature at Worldwide Developers Conference in June 2022. At the time, the company noted that it will arrive with iOS 16. However, the iOS is out, and the anticipated service is not here. Rather, Apple hinted that the Pay Later offer would come in a future update.
“Coming in a future update for qualifying applicants in the United States for purchases online and in apps on iPhone and iPad. May not be available in all states.”
No Apple Pay Later till Spring 2023
Bloomberg’s Mark Gurman pointed out that Apple Pay Later was the only unreleased iOS 16 feature with no specific time frame for its rollout. On the other hand, the company marked some additional features to come later this year. They include the iCloud Shared Photo Library, Matter support, and Freeform. Gurman is convinced that Apple is not exactly sure when customers should expect the incoming service. He said the service may not be out until the company unveils i0S 16.4 in the spring. Gurman added that he is “hearing there have been fairly significant technical and engineering challenges in rolling out the service, leading to the delays.”
Apple Pay Later will be available in the Wallet app when it launches. Users can access it for online purchases and in-apps on their iPhones or iPads. Reports earlier showed that Apple would let its subsidiary Apple Financing LLC handle the Pay Later option. The business is reportedly authorized to offer lending services. Also, Apple Financing will continue to operate as a separate business arm from Apple’s main business. Although the company is currently in partnership with investment banking company Goldman Sachs (NYSE: GS) over credit checks and lending for Apple Card, Apple Pay Later will be handled in-house.
The new service will be a pleasant addition to the company’s US clientele. With zero interest and no fees, Apple is about to win the hearts of many with the service.
Apple stock is currently up 0.11% to $150.60 in after-hours trading. The company has shed more than 15% since January and plunged 8.06% over the past month. In the last five days, AAPL has lost 0.18%.