Apple launches its own BNPL service

Apple has launched an option in its digital wallet called "Apple Pay Later" that will allow customers to pay for online purchases in instalments.

This new option confirmed by Apple in a press release on Tuesday makes it the latest company to embrace the buy now, pay later trend.

The option allows users to split payments for purchases into four instalments over six weeks, with the first instalment due at the time of purchase. Additionally, customers can apply for a loan ranging from $50 to $1000 within the Wallet app, with no interest or fees, to make online or in-app purchases.

According to the company, the payment option is currently being rolled out to select users in the United States, with plans to offer it to all eligible customers in the coming months.

This move from Apple comes as more and more consumers have turned to buy now, pay later services to manage their finances amid high inflation and economic uncertainty.

Other popular services that offer the same payment option include Affirm, Klarna, and Afterpay.