WWDC 2022: Apple will launch Buy Now, Pay Later featuring Apple Pay Later.

 WWDC 2022: Apple will launch Buy Now, Pay Later featuring Apple Pay Later.

Apple Pay

Apple announced on Monday during its WWDC 2022 conference that iOS 16 will feature a Buy Now, Pay Later (BNPL) feature called Apple Pay Later. Users can access the feature in the Apple Wallet app and can apply for the BNPL program whenever they use Apple Pay to do something. Apple Pay Later allows users to split transactions into four equal payments, and pay down to six weeks without interest. Users will make the first payment in advance, with the remaining payments occurring every two weeks. Also: WWDC 2022: All features of iOS 16 coming to iPhones Users can pay in advance and monitor future payments directly into the Apple Wallet app. Apple Pay Later will also not be able to make additional payments, according to a company report. "Apple Pay Later makes it easy to view, track, and refund Apple Pay Later payments within the Wallet. Users can apply for Apple Pay Later when checking in with Apple Pay, or Wallet," the company said in a release. . Apple Pay Later Payment Options. Source: Apple To qualify for the BNPL program, the lender - in this case, Apple - will likely do a soft credit check, which means that your credit score will not be affected. However, non-BNPL payments may have a negative impact on your credit, so make sure you pay them on time. Buy Now, Pay Later programs have been growing in popularity, with many companies such as PayPal, Block, Klarna, and Mastercard offering their own BNPL programs. With rising inflation and rising commodity costs, BNPL programs provide an easy way for consumers to purchase needed. However, some are concerned that it could lead to further debt, when consumers overdose on other loans. It is critical, like with other financial goods, to utilize the tools appropriately. Make your payments on time and try not to spend any income to avoid any possible financial consequences. Also: For the best purchase now, pay for apps later: Make sure it is not your only option Additional features added to Apple Wallet with its release of iOS 16 include order tracking, which gives users the ability to receive detailed receipts and track shipping information. Visual keys and ID features receive extended support.