Home Tech News Apple’s “pay later” feature will include monthly and long-term charges

Apple’s “pay later” feature will include monthly and long-term charges

Pay Later feature with Apple Pay. (9to5Mac)

One of the features that is about to make its debut on the devices of Manzana As the iphone either iPad Its the Apple Pay Laterthe function dedicated to the financial sector that will be included as part of the Apple Paya form of payment designed by the company technology.

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This modality of keeping users up to date with their Paymentsallows people to make purchases with the electronic wallet of Manzana and “pay later” in installments, so payments can be divided into dues more comfortable that could be paid during the following weeks after the purchase made.

With this form of payment Manzana not only seeks to boost sales of companies and benefit users through smaller payments spread over a short period of time without having to worry about a commission additional or interest charges for fragmenting the pay.

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A version of long-term payments

mark gurmana journalist specializing in Bloomberg technology, indicated that although it is currently function is being tested by an even larger number of users including some workers in the companyimprovements for the feature are still being developed.

Apple Pay Later will allow users to divide the payment of a good or service into four installments divided into six weeks.
Apple Pay Later will allow users to divide the payment of a good or service into four installments divided into six weeks.

According to Gurman, the Cupertino company would also be developing a different version under the name of “Monthly installments of Apple Pay”, which will have the same function as the regular version, although this new feature will allow users to Payments split into monthly periods as opposed to weekly as it does in the current trial version.

Although the concept of both features is similar, the main difference between the monthly fees is that this feature is aimed at larger payments, which can be divided into longer periods of time as its name says and will include the collection of a interest rate because the term for payment is longer, although the extra amount to pay would not be greater than what is currently charged for other financial services conventional.

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According to Apple, its function of Payments It will only be directed to its public in USA and will allow spending on purchases to be distributed over a period of six weeks in which a total of four payments will have to be made in equal parts, while the version of monthly fees does not have an amount or a limited period of time that has been confirmed by Manzana.

Apple’s Upcoming Finance Features

Although no official release date has been confirmed for the feature pay later Apple, the company would be close to launching another function dedicated to the financial sector such as the Savings Account of Apple Cardwhich would be linked to the application of electronic wallet of the company.

Apple Card savings account feature.  (9to5Mac)
Apple Card savings account feature. (9to5Mac)

Although its inclusion in the iphone since October last year, Apple has not yet included it as part of its system functions iOS 16 like Pay Later. In this particular case, the savings function can only be used in USA because it can only be in dollars.

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With this new way of saving using the credit card Manzana people will be able to redeem their daily rewards directly to their accounts without the need to carry out additional processes, in addition to viewing the statistical growth of the savings present in the accounts.

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