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Tech behemoth Apple has unveiled plans to roll out a buy now, pay later scheme, following the acquisition of Credit Kudos earlier this year.
Source: Financial Times
AAPL is down 1.38%, while AFRM is down 3.88% premarket.
Dubbed Apple Pay Later, the scheme will be in partnership with the Mastercard network, allowing iPhone and Mac users in the US to make purchases in four installments made over six weeks without interest or other fees.
The announcement was made alongside Apple’s newest product updates during its annual developer conference where it unveiled the M2 custom processor for desktop computers.
The service will initially be made available to “qualifying applicants” in the United States when Apple launches the update to the iPhone operating system — iOS 16 — later this year.
The announcement comes as Apple took over UK-based financial startup Credit Kudos earlier in 2022.
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