Apple launches digital wallet for iPhones that works as a loan

Check out all about Apple’s new service!

Estimated reading time: 3 minutes

Another new thing coming. This week, Apple announced Apple Pay Later, a service that will allow users to split the cost of any purchase made with Apple Pay four times over six weeks.

The disclosure came during the Worldwide Developers Conference (WWDC, in the original acronym), along with other brand news. The function will initially be available only in the United States, with no expected arrival in Brazil.

It is not today that Apple has been launching financial products. In August 2019, Apple had already launched its own credit card, the Apple Card. Apple Pay, the digital wallet for iPhones, dates back to 2014.

Now, when the user uses Apple Pay, the app will ask if he wants to pay the full amount or pay the amount in installments. When choosing the “Pay Later” option, you will be shown how much is due today and what the payment will be every two weeks, splitting up to 4 times.

Will Apple take a step ahead of its competitors?

Apple Pay Later promises to change the market’s perception of the brand. This is because the possibility of managing only the digital wallet in the entire process of a purchase, can allow an innovative experience when it comes to digital wallet.

If it does live up to expectations, Apple Pay Later will be a strong competition for offering global financial services, and could open the door for other similar services to do the same.

A curiosity related to this function is the fact that it is managed by an Apple subsidiary, called Apple Financing LLC1 and not by partner banks (such as Goldman Sachs or Citizens Bank). According to the Bloomberg agency, the business already has the necessary loan licenses to operate.

Apple Pay Later is expected to arrive along with Apple’s operating system update, iOS 16. The function is expected to be available everywhere (in the United States) where Apple Pay is accepted.

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Image: Primakov / Shutterstock.com

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