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Apple Pay Later program from the tech giant has taken its next step towards release. Apple has expanded the service to its retail employees, offering them a test version of the service. According to Bloomberg, this suggests that the feature is close to launch.
Apple Pay Later allows users to split any Apple Pay purchase into four equal payments over six weeks with no additional interest or fees. The amount and due date for each payment are specified on the purchasing page, making it easy for users to keep track of their expenses.
The company has reportedly formed a subsidiary company, Apple Financing LLC, to finance the Apple Pay Later service lending. This subsidiary will be separate from the company’s primary corporate entity, allowing it to focus solely on financing the lending for Apple Pay Later.
Apple Wallet is used to manage payment plans and the functionality is also built into the Apple Pay platform, meaning that various applications and services will already support it. This will make it easy for users to manage their payments and keep track of their plans.
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Apple CEO Tim Cook confirmed in early February that the feature would be launching soon. Expanding the service to its retail employees suggests that the launch is imminent, and users can expect to see the Apple Pay Later feature soon.