Due to technical and engineering struggles, Apple reportedly won’t launch its buy now, pay later service named ”Apple Pay Later” until the spring of 2023.
In July 2021, sources familiar with the matter told Bloomberg that the tech giant was working on the plan to add it into its Apple Pay service. The iPhone-maker made it official at this year’s Worldwide Developers Conference which took place between June 6-10, saying that it would launch Apple Pay Later with a future update to iOS 16, allowing eligible customers to split purchases into four payments without any interest or service fees.
While Apple released iOS 16 earlier this month, it did not provide any information regarding the new payment plan. According to Bloomberg tech reporter Mark Gurman, the company won’t likely launch the service until spring 2023.
‘’It’s possible the feature won’t arrive until iOS 16.4 in the spring,’’ Gurman wrote in his Power On newsletter on Sunday. ‘’I’m hearing there have been fairly significant technical and engineering challenges in rolling out the service, leading to the delays,’’ he added.
According to Business Insider, buy now, pay later transactions in the U.S. will rise 77.53% to $75.6 billion by the end of 2022.