Apple announces new buy now, pay later feature via Apple Pay

Tech giant Apple is jumping into the buy now, pay later (BNPL) fray via a new Apple Pay feature.

The feature, dubbed Apple Pay Later, will mirror similar services, with zero interest or fees, with payments being made in four equal increments. Such payments can be issued to merchants that accept Apple Pay.

The announcement was made during the first day of Apple's developer-focused event on Monday.

As The Block previously reported, a growing number of financial technology firms have carved out market share in BNPL services, buoyed by interest from venture capitalists. Some of these companies are also exploring crypto offers as part of a bid to cater to younger customers.

Recent reports indicate, however, that some consumers have struggled to meet payments after opting for BNPL.