Don’t think you can afford some cool stuff for the latest MacBook Pro? How about splurging on a fancy iPad Pro and iPhone Pro when the country is being hit by inflationary pressures?
Apple says: Yes, you can.
The tech giant is currently working on several different projects and has faced some technical hurdles along the way.
One of the projects is a “Buy Now, Pay Later” program, and this is expected to be a popular feature. It will also help the Cupertino-based tech leader push through a tough economy when sales are otherwise expected to be soft.
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A “pay later” program is a retail lifeline when consumers start holding off on big purchases.
A ‘pay later’ program, in Apple’s work, can generally help both buyers and sellers. (Kurt Knutson)
What is ‘Buy Now, Pay Later’?
In late 2022, Apple announced that it would release what is known as the Apple Pay Letter, or “Buy Now, Pay Later.”
It appears that this new way of walking out the door with Apple merchandise without paying in full is about to begin. This will allow you to purchase Apple products in installments by selecting the option available in the Wallet app while making payments.
The service will allow you to pay in four equal installments and get up to six weeks interest-free. This is similar to services provided by other companies such as PayPal, Affirm and Klarna. The official launch was supposed to take place last year; However, it has been delayed till this year and is expected to launch sometime in March or April.
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Who gets the most borrowing power for Apple products?
One of the important factors determining your purchasing power in the new Apple Pay Later program will be your purchase history. If you’ve shopped a lot for Apple products at Apple.com or Apple retail stores, you may be assigned a higher Shopping Ability score.
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What other new Apple services are in the works?
Apart from Apple Pay Letter, Apple is also working on three other new service options.
One of the services is called Apple Card Savings Accountwhich is a new savings account that Apple users with an Apple Card can choose to open.
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People will be able to deposit their daily cash to get more rewards than they earn with their Apple Credit Card. They will be able to deposit additional funds directly into the account from the linked bank account. There is no official word yet on when the service will be rolled out.
The other two services that Apple is reportedly working on have yet to be officially announced Apple Pay monthly service And one iPhone hardware subscription program.
Are you planning to use any of these new services on your Apple devices? Tell us your thoughts.
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