Apple Pay Later is the company’s take on a buy now, pay later service

Image: Apple

Apple PayLater will allow you to pay for purchases in four installments without interest. It is Apple's take on a buy now, pay later (BNPL) service, built into Apple Pay and coming with the latest version of the operating system.

Pay later services have increased in popularity. Block (formerly Square) jumped into the space in a big way with its acquisition of Afterpay, which is also known as Affirm. Apple has been rumored to be working on its own service for some time, and it seems like it will be an extension of the company's strategy to encourage people to buy things using Apple Pay.

You will be able to pay over a period of time. The first payment will be paid up front and the other three will be paid every fortnight. If you want, you can pay them in advance.

Image: Apple

Apple said that users can apply for Apple Pay later when they check out with Apple Pay or in their wallet. Apple Pay is accepted online or in the app using the Mastercard network.

Apple Pay Later, order tracking, and a new lock screen are just some of the announcements that have been made at the event.

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