Apple has confirmed it still aims to launch its own “Buy Now, Pay Later” scheme later this year, despite growing concerns that ongoing delays might have meant the project’s cancellation.
Apple Pay Later was first announced in June 2022 but has suffered multiple delays and setbacks since then. It was initially expected to launch alongside iOS 16 back in September 2022, but now looks set for release sometime in 2023.
The company’s official iOS website currently states that Apple Pay Later is “coming in a future update,” but now the company’s CEO appears to have shed some light on when this may be.
Apple Pay Later, soon
Speaking to CNBC about the company’s Q1 2023 financial results, Apple CEO Tim Cook confirmed that plans to launch the service are still underway, although he was unable to put a concrete date on the board.
“It will be launching soon,” Cook noted, with CNBC saying he had also revealed Apple employees were beta testing the service.
Apple Pay Later, which is built into Apple Wallet and available both online and within apps, is set to be available as a payment option for high-priced products alongside 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 which date. Users have the option to pay early to clear a balance if they want, with Apple saying the tool is “designed with users’ financial health in mind.”
Apple has been trying to get into the financial services industry for some time, as it looks to offer its customers a full range of products alongside its popular hardware, such as the iPhone, iPad, and Mac lines.
Apple’s Tap to Pay on iPhone service launched in February 2022 in a significant show of support for small businesses everywhere, allowing thousands of them to accept payment via iPhone.
Initially only available in the US, Tap to Pay on the iPhone uses NFC to securely complete and process transactions and will work on the iPhone XS and newer models.
The company recently announced that Tap to Pay is now an option on the iOS apps for PayPal and Venmo, meaning merchants who already use these services will have more ways to accept payment without the need for cash.