At WWDC 2022, Apple announced it will be adding an installment feature to its Apple Pay service, which will allow users to spread out the cost of a purchase into four equal payments over six weeks.
Most importantly, the installment plan, which the company said was “designed with users’ financial health in mind,” will be made available with zero interest and no additional fees, making it a no-brainer for large buys that you don’t want to shell out for all at once.
When checking out with Apple Pay, you’ll be able to select if you want to make the purchase in full, or with Pay Later. The order will then come with Apple Pay Order Tracking so you’ll have detailed recipes and information in the Wallet app on upcoming payments and shipping dates.
Apple Pay Later will be accepted everywhere Apple Pay is online or in-app, using the Mastercard network.