Toni Dimaano Tech 02.03.2023 02:Feb AM EST

Apple Pay Later Is 'Coming Soon' As Usage Soars Over The Holidays

Apple has not yet announced a launch date for Apple Pay Later, but CEO Tim Cook has stated that it will be available soon.

The Apple Pay Later feature, which will increase Apple's service revenue, is being beta tested by Apple employees, according to Cook.

There Are Not Much Details About Apple Pay Later Yet

Thursday saw the release of Apple's financial results, and Cook made a brief remark about the company's continued plans to introduce Apple Pay Later, which would fall under its Services division.

9to5 Mac writes that the financial service was launched by the company in 2022 and will be a part of its payment platform, which also includes Apple Pay and Apple Card.

With Apple Pay Later, consumers can make any Apple Pay purchase in four equal installments over the course of six weeks with no added interest or fees.

The CEO of Apple did not provide a precise date for Apple Pay's release, although iOS 16.4 and other software updates are anticipated in the spring.

It can be remembered that due to severe technological and engineering obstacles, the business had to delay the launch of Apple Pay Later.

Apple Pay Later, which is integrated with Apple Wallet and was created with consumers' financial security in mind, making it simple to monitor, track, and remit Apple Pay Later payments inside of Wallet.

Everywhere that Mastercard is accepted online or with an app, Apple Pay Later is also accessible as per the company.

When making an Apple Pay purchase, users have the option to divide the sum; the amount and due date for each payment are listed on the website's purchase page, Apple Insider notes.

Payment plan management is handled by Apple Wallet, whose features are also incorporated into the Apple Pay platform, so many programs and services will already support it.

Apple Pay's Holiday Surge Follows Apple's Last Quarter Revenue Drop

Apple's Services division reported record quarterly revenue of $20.8 billion, and the company also passed the 2 billion active device mark.

Additionally, Apple reported revenue of $117.15 billion and a profit of $29.99 billion in a quarter that was heavily impacted by supply chain constraints.

The company's shares fell more than 4% at one point during Thursday's extended trading before recovering when the tech titan released information regarding the outlook for the current quarter.

The figure is significant to investors because it captures the company's global footprint and indicates potential gains if those clients can be better monetized through services or other new goods.

However, investors may also take comfort in Apple's 6% services business growth, which above analyst estimates, CNBC reports.

According to management, significant service components include music, payments like Apple Pay and Apple Card, and cloud services.

Cook claimed that although Apple has delayed hiring and is lowering costs, unlike many of its competitor tech businesses, it has not yet announced any layoffs.