Apple is entering the buy now, pay later (BNPL) market with a new Apple Pay function.
Apple Pay Later will work in the same way as similar services, with no interest or fees and payments made in four equal instalments. Apple Pay-enabled merchants can take these payments.
On Monday, Tech-giant made the news during the first day of its developer-focused event.
As previously reported by The Block, an increasing number of financial technology companies have carved out market share in BNPL services, spurred by venture capitalist interest.
Some of these businesses are also looking into cryptocurrency as a way to appeal to younger clientele.
However, according to recent reports, some customers who choose BNPL have had difficulty making payments.
Source: The Block