New YorkCNN — Apple on Tuesday launched an option in its digital wallet allowing customers to pay for online purchases in installments, making it the latest company to embrace the buy now, pay later trend.
The new feature, called Apple Pay Later, lets customers split payments for purchases into four installments over six weeks, with the first installment due at the time of purchase. Apple users can also apply for a loan within the Wallet app, ranging from $50 to $1000, with no interest or fees, to make online or in-app purchases.
The payment option is rolling out to select users in the United States now, with plans to offer it to all eligible customers over the next several months, according to a company release. Apple first teased the feature last year.
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