Apple has announced that the Apple Pay Later feature would arrive alongside iOS 16, according to a report by Mark Gurman featured in Engadget. Despite Apple's announcement at WWDC 2022, however, it is still not available and could be reportedly delayed til next year.
Apple stated that the feature would arrive in a future update, but there is still no definite timetable for it. Gurman also stated that other features that were supposed to come out with the new iOS 16 aren't available yet.
Gurman believes that the delay could mean that Apple may not know when Apple Pay will be ready and that it could take until the release of iOS 16.4 in 2023. He also mentioned that Apple could still be ironing out the technical and engineering challenges of the service, causing delays.
What Can Apple Pay Later Offer Its Users?
An article from 9to5Mac states that Apple Pay Later lets you pay in installments, which holds 0% interest for a specified amount of time. It is said to let users pay simply by choosing the option in the Wallet app when they pay.
The Apple Pay Later features allow users to pay in four equal installments in the span of six weeks, which is interest-free. Since it can be accessed in the Wallet app, you can manage your budget. You can also easily view, track, and repay Apple Pay Later payments.
As per CNET's article, Apple Pay Later will be provided for by MasterCard Installments, which is the renowned credit card company's very own BNPL (Buy Now Pay Later) service. It's important to note that Apple Pay Later must be made with a debit card since credit cards won't be accepted for the payment method.
Stores won't have to implement changes since the system with Apple Pay Later is the same as other transactions, apart from how back-end payments are made. Apple Pay Later is available wherever Apple Pay is accepted online or in-app.
You can set up automatic payments, and then they will be reviewed using a soft credit check. So far, Apple Pay Later has no plans on applying late payment fees, but here's the catch, and a fair one at that. Late payments may cause your future BNPL loans to be rejected, so make sure you pay your loans on time.
What's New With Apple Pay?
Along with the launch of iOS 16, merchants can now provide detailed receipts to the buyers, including delivery status for products purchased using Apple Wallet.
Apple Wallet now supports driver's licenses as identification cards like IDs from Colorado to Arizona. Apple does plan to add support in 11 additional states. For those who need it, you can use these driver's licenses at select Transportation Security Agency checkpoints.
Since they can be shared with other apps that require identification, you may purchase various items like alcohol through Uber Eats. Apple Wallet now supports sharing keys for locations like hotels, offices, and vehicles.
