Apple has revealed plans to make it easier to use your iPhone as a payment tool with the launch of several new services at WWDC 2022.
New additions include the long-awaited Apple Pay Later, arriving as part of iOS 16, which allows shoppers to split the cost of a purchase made with their device into four equal payments over six weeks, without incurring interest or penalties for delay.
The company also made it easy to pay in stores using its Apple smartphone with the announcement that its Tap to Pay service on iPhone will launch later this month.
Apple Pay later
“Apple Pay Later gives US users a simple and secure way to split the cost of an Apple Pay purchase,” the company official said. Press release (opens in new tab) noticed.
Integrated into Apple Wallet and available online and in apps, Apple Pay Later will be available as a payment option, in addition to paying in full whenever a user checks out with Apple Pay or Wallet.
The service is built on Mastercard’s network and gives users a clear view of exactly what payment amounts are expected and on what date. Users have the option to pay upfront to offset the balance if they want, with Apple saying the tool is “designed with users’ financial health in mind”.
The buy now, pay later (BNPL) market has exploded in popularity in recent years as shoppers look for a more flexible way to distribute payments, and Apple wants a share of the market dominated by the likes of Klarna and Block (formerly known as Square). .
Apple Pay Later reports first surfaced in July 2021 (opens in new tab)rumored to be partnering with Goldman Sachs, which has been partnering with the company for the Apple Card credit card since 2019.
Tap to Pay on iPhone
The launch of Tap to Pay on iPhone is also a significant demonstration of support for small businesses everywhere, enabling thousands of them to accept payments via iPhone. Initially only available in the US, Tap to Pay on iPhone uses NFC to securely complete and process transactions and will work on iPhone XS and newer models.
Apple launched Tap to Pay in February 2022 as a way for more businesses to accept Apple Pay and other types of contactless payments, and it recently announced a partnership with Square to build the service into the latter’s POS terminals.