The company explained its decision with the intention of not only offering a separate installment service with equal payments over six weeks, like the way Pay Later works, but in principle an installment plan for all orders paid with Apple Pay. For this, Apple will negotiate with American banks, but users will be able to organize such an installment plan anywhere in the world.
Apple Pay Later installment service was announced at the WWDC 2022 event held in the summer of 2022. The service was planned to be operational shortly after the rollout.
However, in the end, the company postponed the launch of Pay Later to 2023 due to technical difficulties. The service began beta testing in March 2023, and Apple launched the service in October.
Pay Later allowed you to pay off a loan in equal installments for goods worth $50 to $1000 within six weeks without overpayment.
Source: Ferra
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