-Ibhade Arabome-

Cousins!

We’ve got some good news for Apple users! Apple plans to release a buy now, pay later (BNPL) service that will be available with their new operating system, iOS 16!

Apple Pay will allow users to spread the costs of a purchase into four payments that are to be paid every two weeks without having to pay interest or additional fees or across several months, with interest, reports Bloomberg. The option will be available for purchases made online or offline, in retail stores.

You will need an Apple Card account to use the service so once you’ve made a purchase with your Apple Card, you’ll be able to pick one of two options: “Pay in Full” or “Pay Later”.

If you select “Pay Later” then you will be shown a payment plan that breaks down the four payments into equal amounts that you’d need to make. The first payment will be made once the “Pay Later” option is selected and the next set of payments to make will be scheduled every two weeks. All payments will be completed in the Wallet app.

This new feature is a part of a range of new iPhone features, like the ability to edit iMessages, that have been created to aid people in abusive relationships. The features were unveiled to the public at the Apple Worldwide Developers Conference, (aka the WWDC), which is held annually.

Users will have to submit an application, along with a form of ID, through the Wallet app and have it approved before being able to use the service. They would also be subjected to a soft credit check that won’t affect credit scores. Apple will also allow customers to exit payment plans to pay off the remainder of the purchase balance (i.e. you’d be able to forfeit paying what’s left of your payment plan). Additionally, using the service would allow customers to create temporary digital Apple Pay Later credit cards that can be used for individual purchases!

What a sweet deal, right? Cousins, Make sure you update your iPhones to get iOS 16, this autumn, in order to get access to this cool new service!