Apple Expands Testing of ‘Buy Now, Pay Later’ Service to Retail Employees | Tech News

Apple Expands Testing of ‘Buy Now, Pay Later’ Service to Retail Employees

Apple Inc. has expanded an internal test of its upcoming “buy now, pay later” service to the company’s thousands of retail employees, a sign the long-awaited feature is finally nearing a public release.

By:BLOOMBERG
| Updated on: Feb 09 2023, 07:22 IST
This Apple iPhone hack is simply too good to be true!
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1/5 Continuity Camera will let users attach their iPhones to MacBooks using soon to be available stands, which are made by Belkin in collaboration with Apple. (Apple)
Apple Pay
2/5 This feature will substantially improve the quality of webcams on MacBooks. Although Apple keeps on improving the camera quality on its MacBooks, it is still nowhere near to the near-perfect images captured by the iPhone cameras. (Apple)
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3/5 Features such as the Stage Manager, improved Mail, Spotlight and Messages are also coming to macOS Ventura, which will surely improve your macOS experience with their intuitive new features. (Apple)
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4/5 Craig Federighi, Apple’s senior vice president of Software Engineering said, “macOS Ventura includes powerful features and new innovations that help make the Mac experience even better. New tools like Stage Manager make focusing on tasks and moving between apps and windows easier and faster than ever, and Continuity Camera brings new videoconferencing features to any Mac, including Desk View, Studio Light, and more.” (Apple)
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5/5 He further added, “With helpful new features in Messages, state-of-the-art search technologies in Mail, and an updated design for Spotlight, Ventura has so much to offer and enriches many of the ways customers use their Macs.” (Apple)
Apple Pay
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Know all about Apple Pay Later and find out how it works. (Bloomberg)

Apple Inc. has expanded an internal test of its upcoming “buy now, pay later” service to the company's thousands of retail employees, a sign the long-awaited feature is finally nearing a public release.

The tech giant contacted retail staffers this week to offer them a test version of the service, according to Apple workers who asked not to be identified. The offering, called Apple Pay Later, lets shoppers split the payment for purchases into installments. The company previously rolled out a test for corporate employees.

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The offering will vault Apple into a fast-growing financial market, but it's already faced several setbacks. The service was first announced last June and was planned to be released last September as part of iOS 16. Instead, it was delayed until 2023 after technical challenges, Bloomberg previously reported. The service will run on a new financial platform that Apple designed for in-house initiatives.

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The company has used a similar rollout strategy with past financial products. In 2019, it introduced the Apple Card credit card to retail staff about a month before a public debut.

An Apple spokeswoman declined to comment.

The first version of the new service will allow consumers to split a purchase made through Apple Pay into four installments paid over six weeks — without interest or fees. The company also has been developing a version of the service called Apple Pay Monthly Installments, working with Goldman Sachs Group Inc., that will split up the cost of large transactions over several months with interest. That offering hasn't been announced yet.

To launch Apple Pay Later, the iPhone maker set up a wholly owned subsidiary called Apple Financing LLC. That allows the Cupertino, California-based company to handle lending itself, sidestepping partners. Apple has about 270 stores in the US and more than 80,000 employees across the country, letting the company quickly test the feature with a large population.

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First Published Date: 09 Feb, 07:21 IST
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