Apple has made a beta version of its upcoming “Apple Pay Later” feature available to the company’s more than 80,000 retail employees in the U.S. for testing. Apple Pay Later was already in testing with Apple’s corporate employees, a Bloomberg report says.
When a user makes a purchase using Apple Pay, they will be able to pay for it across four interest-free payments made every two weeks or across several months with interest.
The four-payment play is called “Apple Pay in 4” internally, while the longer-term payment plans are dubbed “Apple Pay Monthly Installments.” Users will be able to choose any credit card to make their payments over time with the Apple Pay Later plan. The feature will be built into Apple’s Wallet app on the iPhone and iPad.
To launch Apple Pay Later, the Cupertino device maker set up a wholly-owned subsidiary called Apple Financing LLC. The move allows the Cupertino, California-based company to handle lending itself, without partners.
Last week, Apple CEO Tim Cook told CNBC that Apple Pay Later would be launching “soon.” Rumors have indicated the feature will be a part of iOS 16.4, which will likely see its first beta by next week.