Apple has confirmed it still intends to launch its own Buy Now, Pay Later program later this year, despite growing concerns that ongoing delays could mean the project was cancelled.
Apple Pay Later was first announced in June 2022, but has had many delays and setbacks since then. It was initially expected to launch with iOS 16 in September 2022, but now it looks like it will be released in 2023.
The company’s official iOS website now says that Apple Pay Later is “coming in a future update” – but now it appears the company’s CEO has shed some light on when that might be.
Apple Pay Later, soon
speak to CNBC (opens in a new tab) around the company’s financial results for Q1 2023, Apple CEO Tim Cook confirmed that plans to launch the service are still in the works – although he was unable to provide a specific date on the board.
“It will be launched soon,” Cook noted, and CNBC said he also revealed that Apple employees are beta-testing the service.
Built into Apple Wallet and available both online and in apps, Apple Pay Later is expected to be available as a payment option for expensive items along with paying in full each time a user checks in with Apple Pay or Wallet.
The service is based on the Mastercard network and gives users a clear picture of exactly what payment amounts they expect and when. Users have the option to prepay to clear their balance if they wish, and Apple says the tool is “designed with users’ financial health in mind.”
Apple has been trying to enter the financial services industry for some time as it wants to offer its customers a full range of products alongside popular hardware such as the iPhone, iPad and Mac.
Apple Tap to Pay on iPhone launched in February 2022 in a major show of support for small businesses around the world, enabling thousands of them to accept payments via iPhone.
Initially available only in the US, Tap to Pay on iPhone uses NFC technology to securely complete and process transactions and will work on iPhone XS and later.
The company recently announced that Tap to Pay is now an option on its iOS apps for PayPal and Venmo, meaning merchants who already use these services will have more ways to accept payments without having to carry cash.