Apple introduces Apple Pay Later, consumers able to pay for purchases over time

Apple (AAPL) introduced Apple Pay Later in the U.S., which allows users to split purchases into four payments, spread over six weeks with no interest and no fees. Users can easily track, manage, and repay their Apple Pay Later loans in Apple Wallet. Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay. Starting Tuesday, Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months. Apple Pay Later is enabled through the Mastercard (MA) Installments program, so merchants that accept Apple Pay do not need to do anything to implement Apple Pay Later for their customers. When a merchant accepts Apple Pay, Apple Pay Later will be an option for their customers during checkout online and in apps on iPhone and iPad. Goldman Sachs (GS) is the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.