Apple Pay Later
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Apple's upcoming Apple Pay Later feature has entered the next level of testing as the Cupertino tech giant expands the service to its retail employees.
Apple Pay Later is a buy now, pay later program that will allow users to split any Apple Pay purchase into four equal payments over six weeks with no additional interest or fees. When using the feature, the amount and due date for each payment are specified on the purchasing page.
According to Bloomberg, Apple contacted its retail staff to offer them a test version of the service. The test suggests that the feature is nearing release.
Apple has reportedly formed a subsidiary company to finance the lending for the Apple Pay Later service. Apple Financing LLC will be separate from the company's primary corporate entity.
Apple Wallet is used to manage payment plans. The functionality is also built into the Apple Pay platform, so various applications and services will already support it.
In early February, Apple CEO Tim Cook confirmed that the feature would be launching "soon."
