Apple to launch BNPL service

The service will roll out as part of its new operating system, iOS 16

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Apple to launch BNPL service

Apple is launching a buy now pay later (BNPL) service in the US.

The service will roll out as part of its new operating system, iOS 16, and enable users to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees.

The technology company is integrating the service into Wallet, where users can apply, view, track and repay. It will be available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.

News of the new BNPL service came as the technology company revealed that it protected customers from nearly $1.5 billion in potentially fraudulent transactions in 2021.

Image: Apple