Apple is planning to offer a 'buy now, pay later' service.

Apple Pay Later is the company's take on the "buy now, pay later" concept. Instead of paying all at once, you can make separate, equal payments for items.

"Buy now, pay later" options allow you to make many payments over time without paying interest

 rather of making a major purchase on your credit card and paying it off over time - which can entail incurring interest.

Typically, these services give a specific number of payments/months without fees or interest, but if you go beyond the included terms or skip payments, additional charges may apply.

What is the mechanism behind it?So, what's the deal with Apple Pay Later? It will allow you to make four equal payments on a purchase.

Each payment is made every two weeks and is scheduled in your Apple Pay wallet automatically. As a result, you don't have to be concerned about forgetting to pay your bills.

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