Apple Enters the Buy Now, Pay Later Arena with iOS 16
New BNPL Feature Will Be Called Apple Pay Later
CUPERTINO, CALIFORNIA Apple today previewed iOS 16, delivering the biggest update ever to the Lock Screen, and new sharing, communication, and intelligence features that together change the way users experience iPhone. iOS 16 introduces iCloud Shared Photo Library to seamlessly share a collection of photos with family, updates to Messages and Mail that help users stay in touch with ease, and powerful enhancements to Live Text and Visual Look Up. The release also includes a buy now, pay later (BNPL) feature called Apple Pay Later.
Wallet Adds Apple Pay Later, Order Tracking, and Other Features
Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind.3 Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet. Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet. Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.4 Additionally, with Apple Pay Order Tracking, users can receive detailed receipts and order tracking information in Wallet for Apple Pay purchases with participating merchants.
The developer preview of iOS 16 is available to Apple Developer Program members at developer.apple.com starting today, and a public beta will be available to iOS users next month at beta.apple.com. New software features will be available this fall as a free software update for iPhone 8 and later. For more information, visit apple.com/ios/ios-16-preview. Features are subject to change. Some features may not be available in all regions or all languages.