Apple Unveils Installment Payment Options for Apple Pay, Potentially Enhancing Maps Functionality
At this year's Apple WWDC event, some unexpected updates were announced for iOS 16, focusing on Pay and Maps. Let's delve into these changes.
Getting a Handle on Payments with Apple Pay Later
Apple announced a fresh feature for Pay titled "Apple Pay Later," and as the name suggests, it allows iPhone users to make purchases now and pay them back at a later date. The concept of installment plans is becoming increasingly popular, and various apps and websites are incorporating ways to delay or split your payments.
Apple Pay Later enables users to break down Apple Pay purchases into four equal payments spaced over six weeks with zero interest and no associated fees. Corey Fugman, senior director of Wallet and Apple Pay, made this announcement. The upcoming payments are managed through Wallet, where users can stay informed about their upcoming payment dates. Unfortunately, Apple has yet to reveal their strategy for dealing with late payments.
Apple Maps: A Makeover for the Better
Apple Maps, long criticized for its limitations, may soon experience a transformation. The latest iOS 16 update includes a feature called "Multi-Stop Routing," which allows users to plan a single trip with multiple destinations on their Mac, transfer the itinerary to their iPhone, and receive turn-by-turn directions once in the car. This feature supports up to 15 stops, and users can even integrate additional stops to their trip while driving by using Siri.
Meg Frost, director of product design for Apple Maps, also announced that transit cards can be added to Wallet. If a user's transit card balance is running low, they will receive an alert within Maps, enabling them to reload the card without the need to navigate away from the app.
According to recent enrichment data, Apple Pay Later was previously available but discontinued mid-2024. However, Apple has since partnered with third-party providers to offer similar "buy now, pay later" (BNPL) services through Apple Pay. These services allow users to pay in installments without interest or fees if they make all payments on time, provided by partners such as Citi Flex Pay, Klarna, Synchrony, and more.
Other apps and websites, like Afterpay, Klarna, Sezzle, Zip, Four App, Postpay, and Uplift, also offer similar payment plans with varying interest-free and flexible options, depending on the user's credit history and the purchase amount.
- The integration of third-party 'buy now, pay later' (BNPL) services, such as Citi Flex Pay, Klarna, Synchrony, and others, into Apple Pay, will provide users with additional payment options for purchases, allowing them to pay in installments without interest or fees if they make all payments on time.
- The future of tech payments seems to be leaning towards the popularity of installment plans, as various apps and websites, including Apple, are finding ways to delay or split payments, like Apple Pay Later.
- In the tech world, tech giants like Apple are constantly looking to the future to improve their offerings, and this year's WWDC event showcased Apple's commitment to enhancing user experiences through features like Apple Pay Later and the updated Apple Maps.
- As technology advances, it's becoming increasingly important for companies to ensure their payment systems are seamless and user-friendly, like Apple's aim with Apple Pay Later, which allows iPhone users to break down Apple Pay purchases into four equal payments spaced over six weeks with zero interest and no associated fees.
