Apple said this week that when iOS 16 is released later this year, it will bring new features to your iPhone.
Aside from other travel-friendly developments, we'd like to focus attention to Apple's entry into the crowded "buy now, pay later" market with Apple Pay Later.
What is Apple Pay Later, and how does it work?
"Buy now, pay later" is Apple's take on the concept.
Instead of paying in one lump sum, you can make multiple, equal payments for items.
Rather than making a significant purchase on your credit card and paying it off over time, which might result in interest being charged, "buy now, pay later" capabilities allow you to make many payments over time without paying interest.
Typically, these services give a specific number of payments/months without fees or interest, but if you go beyond the included periods or skip payments, those additional charges can creep in.
Apple's newest iPhone software will have 10 travel-friendly features, as well.
What is the mechanism behind it ?
What's the deal with Apple Pay Later?
It allows you to pay for something in four equal installments.
Each payment is made every two weeks and is scheduled in your Apple Pay wallet automatically.
As a result, you don't have to be concerned about forgetting to pay your bills.
The first Apple Pay Later payment is payable at the time of purchase, and the remaining three payments are due every two weeks for a total of six weeks from the purchase date.
If you choose, you can make the remaining payments ahead of schedule.
Apple Pay, like Apple Pay Later, isn't restricted to Apple Cash or Apple Card payments.
Apple Pay is compatible with the vast majority of credit cards, so you should be able to use your favorite cards with this new function.
The card issuer has not reviewed or provided the information on this page concerning your card.
Understanding how Apple Pay Later works is only half of the story.
You should also be aware that using "buy now, pay later" alternatives may result in you losing significant credit card rewards.
When choosing a payment method, be sure you don't throw away precious points and miles.
When can you expect Apple Pay Later to be available?
With the release of iOS version 16, Apple Pay Later will be available.
When the iPhone 14 releases this fall, rumored to be in September, that should be accessible.
If you can't wait for the new features, iOS 16's first public beta version should be released in July.
Merchants who accept Apple Pay will not need to make any changes to accept Apple Pay Later.
This new functionality, according to Apple, will be available "wherever Apple Pay is accepted, in applications or online."
It's unclear whether this means Apple Pay Later will only be available in apps or online (rather than in physical stores).
Primary concern
The capacity to purchase now and pay later is turning out to be progressively famous.
Its principal selling point is making equivalent installments over the long haul without interest. Nonetheless, you ought to continuously try to utilize these highlights dependably and not build obligation essentially in light of the fact that you can take care of it over the long haul or in light of the fact that the installments come up short on profound interest surveyed on a charge card. Likewise, realize that not these administrations work something very similar and you might wind up exchanging endlessly some Mastercard focuses or assurances a few cases.
The Apple Pay Later explicitly could without a doubt be a convenient element to make installments over the long haul and ought to send off in the not so distant future. Simply ensure you are moving toward it capably since our No. 1 rule in focuses and miles is to continuously cover your bills in full and on time.
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