During the 2022 Worldwide Developers Conference earlier this week, Apple announced a new Pay Later service alongside a host of iOS features.

The Apple Pay Later scheme gives users the choice of buying now and paying later. After iOS 16 is released in its stable form later "this fall", Apple Wallet will get this feature. A selection of new iOS features and two new laptops powered by the proprietary M2 chipset was also unveiled earlier this week at the 2022 Worldwide Developers Conference in Cupertino, California. Apple notes that the payment feature will be available first to users in the US, with other regions getting it later. 

How does Apple Pay Later work?

Users will be able to pay for a product in installments via Apple Pay Later. During a specific period of time (up to six weeks), the cost of the purchased item can be split into four equal parts. The company explained on its blog that paying for a product with Apple Wallet Pay Later will result in no interest and no fees whatsoever. In addition, the report notes that if a debit card account is insufficient, the issuer may charge the user a fee. 

As well as letting users apply for Apple Pay Later in Wallet, the company highlights how Apple Pay can be used to check out with Apple Pay. This will ensure that users' payment details are safe.

Bloomberg reported in February that Apple had partnered with Goldman Sachs to supply a credit for Pay Later. With the new feature, Apple and its payment partners would have the advantage over competitors like PayPal, and even Amazon, which started offering the 'buy now, pay later option last August. Pay Later may be attractive to many US smartphone users since the market is dominated by iPhones.

Is Apple Pay Later available in India?

It will be available to Apple Pay users in India. India does not yet have access to the payment feature since it is not available there. Despite Apple's public statements, Apple has yet to explain why many of its features aren't working, such as Apple Pay, Fitness+, and even News. A variety of reasons may be involved, such as market share, but we cannot know for sure.

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