At the Worldwide Developers Conference, Apple launched today a major update to its Apple Pay solutions: Apple Pay Later, which will allow users to pay for their purchases in four equal payments, over six weeks, without interest or late fees. The launch is Apple latest move toward the payments industry and the Buy Now, Pay Later (BNPL) phenomenon.
According to the company, Apple Pay Later is available everywhere Apple Pay is available, meaning on apps and on the web, since it requires no extra arrangements from developers or merchants. During the launch, the company also emphasized that any installment of the new solution can be tracked and managed through the Apple Wallet app on iOS.
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Through another novelty, Apple Pay Order Tracking, the company enables merchants to send receipts and order tracking to the Wallet application.
Both solutions are already integrated with Shopify.
According to a LinkedIn post by Kiki Del Valle, an exec responsible for overseeing Mastercard Latin America and Caribbean’s corporate strategy and business development efforts, Apple Pay Later is “powered by Mastercard Installments”. “Through the power of our network, lenders and our millions of merchants can enjoy this feature with no additional integration,” she said.