Buy Now Pay Later or Buy in Installments is growing in popularity. It is a type of short-term financing, allowing consumers to get the products they need by paying for them in installments at a later date.
Apple entered this field for the first time in 2020 by launching the Apple Card Monthly Installments-based Apple Card feature. The company was supposed to launch the installment purchase service at the end of 2022, after announcing it last year at the World Developers Conference (WWDC) However, its launch was delayed due to significant technical and engineering challenges.