WWDC Updates – Apple launches its own buy now, pay later service in Apple Pay

On Monday, Apple released a software update for iPhones (June 6). The digital behemoth also announced a buy-now, pay-later program. The launches were announced at the Worldwide Development Conference (WWDC). It's Apple's second big event of the year. In addition, the firm unveiled a MacBook Air with its newest M2 processor.

Apple also unveiled a redesigned automobile dashboard that would be available in the next Ford and Jaguar models, as well as a plethora of new collaboration and data security capabilities. The newest iPhone operating system will have a revamped lock screen with new widgets, more personalization, and a new notification method.

Highlights

Apple launches its own buy now, pay later service.

Apple Pay Later allows users to split the cost of an Apple Pay purchase

Users can also log out of iCloud accounts on other devices from the Safety Check page

Apple introduced a Macbook Air powered by its latest M2 chip

Apple's new payment option has been rumored for a long time. Users will be able to pay with Apple Pay where it is accepted and pay in four payments over the course of six weeks without any additional fees.

Currently, the service is set up to function as follows: When a consumer makes a purchase using Apple Pay on their Apple iPhone, they will have the choice of paying it off in four interest-free installments every two weeks, or over several months with interest, according to one of the sources. Internally, the four-payment plan is known as "Apple Pay in 4", while the longer-term payment plans are known as "Apple Pay Monthly Installments."

Apple Pay Later can be used everywhere, including in-app purchases and online purchasing. Furthermore, because the new payment installment plan is completely linked with current point-of-sale terminals, shops will not need to modify their POS systems in order to use Apple Pay Later.

The interest rates that Apple intends to levy on the monthly payments were unavailable. Affirm charges up to 30% APR, whereas its competitors charge less. In addition to PayPal's popular Pay in 4, the interest-free four-installment plans would compete with comparable systems from Afterpay Ltd, Klarna Bank AB, and Sezzle Inc.

Users who wish to utilize the Apple Pay Later service will need to submit an application using the iPhone's Wallet app, which will also allow them to monitor their payments. To apply for the service, users must provide a copy of their local ID card. Customers will also be able to leave payment plans and pay down the remaining sum of their purchases.

Late penalties and processing costs will be waived for at least certain Apple Pay Later plans, leaving consumers with only the cost of interest for longer-term plans. The program will also not need the user to undergo a credit check. Separately, Apple is experimenting with a feature that will allow customers to generate temporary, digital Apple Pay Later credit cards for single transactions.

On the latest iOS, Apple has also improved security measures. In the settings app, the business has added a safety check. This will allow the user to cancel access to personal information such as their location.

Users can also log out of iCloud accounts on other devices from the Safety Check page for enhanced security. The next iOS will have additional CarPlay upgrades, such as redesigned gauge clusters, and manufacturers including Ford Motor Company and Jaguar Land Rover will incorporate the technology into their vehicles.

The M2 chip, which is the successor to Apple's first in-house semiconductor, the M1, was unveiled. The new M2 processor, which has 24 gigabytes of unified memory and can play simultaneous streams of 4K and 8K video, outperforms its predecessor by 18%.

The M2 chip will be installed in a completely new MacBook Air that has been created around it. The new Air is 11.3 inches thick, weighs 2.7 pounds, and has a 13.6-inch liquid Retina display with a Magsafe charging system. The MacBook Air will be available in gray, gold, silver, and blue for $1,199.