Tech
What does Apple Pay Later mean for existing layby services?
Apple’s Worldwide Developer Conference in California revealed the new Apple Pay Later feature to be launched in their iOS16 software
Apple Pay Later is an extension of the current Apple Pay digital wallet, which is coming to iOS devices, and will allow people to use their phones to make purchases.
The function will allow users to make a purchase immediately and pay it across four instalments.
At the conference, Apple announced the technology will involve zero interest rates or late fees.
“Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet.”
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The technology is not the first of its kind with services like AfterPay, Affirm, Klarna and PayPal already adopting layby models for users.
“Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network,” the company says.
Since the announcement, Affirm stock levels have already dropped 3 per cent.
Other companies like AfterPay have been struggling and declining in the market for some time.
Some Twitter users are expressing concerns the technology will encourage people to overspend, while others say it will help with budgeting.
The new iOS16 technology also sees a number of other features including the eradication of messages and photo album sharing.
Amanda Gunn contributed to this report