Apple May Introduce 'Buy Now, Pay Later' Sooner Than You Think As Testing Expands To Retail Employees

Days after Apple Inc. (NASDAQ:AAPL) CEO Tim Cook said the ‘Buy Now, Pay Later’ service will be “launching soon,” the tech giant has reportedly started contacting retail employees to offer them a test version. 

What Happened: Apple’s long-awaited “buy now, pay later” service’s internal testing has expanded to thousands of retail employees, reported Bloomberg, citing some company workers. The service might soon get a public release.  

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The Apple “buy now, pay later” service was previously rolled out for corporate employees. 

Apple’s “buy now, pay later” platform allows consumers to split any Apple Pay purchase into four equal installments over six weeks without having to pay any additional interest or fees. 

It will run on a new financial platform that the tech giant designed explicitly for the tech giant’s in-house initiatives, the report noted. 

Why It’s Important: Apple’s “buy now, pay later” was first announced in June 2022 and was planned to be released in September as part of the iOS 16 release. However, due to some technical hurdles, it faced several setbacks and was delayed until 2023. 

The aforementioned service will enable Apple to underwire loans and provide funds for consumers. It will also help the company to vault into the fast-growing financial market. 

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