Apple Pay Later lets you split up purchases into four payments at no interest

Apple today announced a major update to Apple Pay called Apple Pay Later, which will allow users to split the cost of an Apple Pay purchase into four equal payments over six weeks without interest or late fees. The new financial product — which was rumored ahead of its debut at Apple’s 2022 Worldwide Developers Conference (WWDC) — marks Apple’s move into the enormous and growing buy now, pay later (BNPL) industry.

Powered by the Mastercard network, Apple Pay Later is available everywhere Apple Pay is available in the U.S., both in apps and on the web — it requires no extra work from the developer or merchant side. Upcoming payments can be made, tracked and managed through the Apple Wallet app on iOS.

Read more: TechCrunch