Apple Pay Later Finally ‘Launching Soon’ Tim Cook Confirms

Apple Pay Later was announced at WWDC 2022 as a feature of iOS 16. With this feature, customers will be able to pay in installments simply by choosing the option in the Wallet app when purchasing something with Apple Pay. First expected to be introduced in late 2022, the feature was delayed – and now Apple CEO Tim Cook has confirmed that Apple Pay Later will be “launching soon.”

Apple Pay Later coming soon

In an interview with CNBC, Cook confirmed that Apple Pay Later is in beta testing among Apple employees, and that it will be available to the public soon. No specific date was given by Apple’s CEO, but the company is expected to release iOS 16.4 and other software updates in the spring. Potentially, the first betas of the new software will be released in the coming weeks.

According to Bloomberg’s Mark Gurman, Apple Pay Later was delayed because the company had been facing “significant technical and engineering challenges in rolling out the service.” The journalist also mentioned that “it’s possible the feature won’t arrive until iOS 16.4 in the spring.”

Apple Pay Later will be an interesting addition for US customers, as it will have zero interest and no fees.

Here’s how Apple describes this service:

Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind.

Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet. Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet.

Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.

Apple Pay has record number of purchases during the holidays

During a call with investors to announce Apple’s fiscal 2023 first quarter results, Tim Cook mentioned that Apple Pay had a record number of purchases during the holiday season in 2022. The executive noted that the platform is available to millions of merchants in 70 countries and regions.

Apple’s Services category saw a record $20.8 billion in revenue for the quarter. At the same Time, the company has reached the milestone of 2 billion active devices. In a quarter significantly impacted by supply chain shortages, Apple reported $117.15 billion in revenue with a profit of $29.99 billion.