Don’t think you can afford to drop a couple grand on the latest MacBook Pro? How about spending over a thousand dollars on an ornate iPad Pro and iPhone Pro while the country is gripped by inflationary pressures?
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Apple says: Yes, you can.
The tech giant is currently working on multiple different projects and has been experiencing some technical hiccups along the way.
One of the projects is the “Buy Now, Pay Later” program, and it is expected to be a popular feature. It will also help the Cupertino-based technology leader weather a tough economy when sales would otherwise be expected to decline.
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A “pay later” program is a retail lifeline when consumers start to hold back on sizeable purchases.
What is ‘Buy Now, Pay Later’?
In late 2022, Apple announced that it will launch what will become known as Apple Pay Later, or “Buy Now, Pay Later.”
It looks like this new way of getting away with Apple merchandise without paying in full is about to kick off. This will allow you to purchase Apple products in installments simply by choosing an option that will be available in the Wallet app when making a payment.
The service will allow you to pay in four equal installments and get up to six weeks without interest. This is similar to the services provided by other companies such as PayPal, Affirm and Klarna. The official launch was supposed to happen last year; however, it has been pushed back to this year and is expected to launch sometime in March or April.
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Who gets the most lending power for Apple products?
One of the important factors determining your purchasing power in the new Apple Pay Later program will be tied to your purchase history. If you have purchased a lot of Apple products on Apple.com or Apple retail stores, then you may be awarded a higher Purchase Value score.
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What other new Apple services are in development?
In addition to Apple Pay Later, Apple is also working on three other new service options.
One of the services is called Apple Card Savings Accountwhich is a new savings account that Apple users with an Apple Card can choose to open.
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People will be able to deposit their Daily Cash to get more of the rewards they earn with their Apple credit card. They will also be able to deposit additional funds into the account directly from a linked bank account. There is still no official information on when this service will be launched.
The other two services that Apple is reportedly working on have yet to be officially announced are in Apple Pay Monthly Service and in iPhone Hardware Subscription Program.
Do you plan to use any of these new services on your Apple devices? Let us know your thoughts.
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