Mark Gurman’s recent report in Bloomberg indicates that Apple Pay Later faces some big setbacks. These might postpone the launch of the service until 2021. It is basically a BNPL service, meaning Buy now but pay later. Customers can pay back the money in 4 interest-free installments.
Apple’s iOS 16 version appeared without Pay Later
The tech giant mentioned that the “Pay Later” facility would start with its OS version iOS 16 in June this year. However, though iOS version is already out, the facility is yet to be seen. There is just a vague reference to it being launched in the future update.
Gurman adds that there is no timeframe mentioned about its likely rollout date. Some other features, such as key sharing are referred to as being introduced later in 2022. The author feels that Apple is unsure when the facility will be set for launch.
While there is no clarity on the exact nature of the challenges, its rollout denotes the company has to shoulder fresh financial responsibilities. Earlier reports from CNBC and Bloomberg suggested that Apple Financing LLC, a subsidiary of Apple will take care of the lending from the new facility.
At present, Apple has entered into a partnership with Goldman Sachs to conduct lending and credit checks for its credit card, Apple Card. Once the facility is ready, users will get 6 weeks to make the 4 payments. Apple has financed the service and will offer it free to its users i.e. not charge any commission or fee.