Big IT firms have always been interested in finance as a method to strengthen their consumer ties. However, the majority of them have recruited banking and fintech partners to handle the complexities of vetting clients and complying with a variety of financial product rules and regulations.

This time, Apple surprised everyone by announcing its entry into the financial services market at the Apple Worldwide Developers Conference (WWDC) 2022 by adding the Apple Pay Later service to the former Apple Pay service, a new feature supported by the company's payment platform that allows users to divide purchases into separate payments.

According to sources with adequate knowledge of what Apple possesses of the elements for success in this area, Apple added this service because it believes it has the data and technology it needs to authorize consumers and their financial transactions without incurring big losses.

Apple pay later
Apple pay later

Users will be able to divide any Apple Pay purchase into four equal payments over the course of the first six weeks, with no interest or additional costs. While payment plans are managed and tracked by Apple Wallet, the offer is not confined to Apple items alone, as the business has partnered with Shopify to allow installment payments for any product or service.

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Apple is relying on its prior experience with Goldman Sachs in introducing the Apple Card in the summer of 2019, when the bank approved a financing cap of up to ten billion dollars in August exclusively in collaboration with MasterCard.

It was distinguished by high payback rates of up to 3% and high loyalty points services at partners such as Uber and Uber Eats, thanks to the technology. Over the last three years, Apple has increasingly grown expertise with the financial system, including how to manage it and deal with bank wallets.

The Apple Pay Later option, like Apple Pay in advance, is accessible at all of the company's stores across the world and is not confined to the United States. This feature comes with the option to track orders, Apple Pay Order Tracking, which allows retailers to track invoices and receipts directly through the Pal wallet service. Apple Wallet is a mobile wallet developed by Apple.

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