Apple’s new financial services have hit more delays

News
By
published

Apple Pay Later, Savings, and more, all reportedly delayed

Apple Pay Later on iPhone
(Image credit: Apple)

Apple is reportedly facing “engineering and technical setbacks” that are pushing the company’s financial service plans further behind schedule.

According to a recent report by Mark Gurman (via Bloomberg), this includes Apple Pay Later, a Buy Now, Pay Later (BNPL) service first announced at Apple’s June 2022 WWDC event. Initially due for a September 2022 launch, Gurman puts the delay down to the challenges of creating a “next-generation financial system” to support the platform.

Apple Pay Later is designed to offer “qualifying applicants in the United States” the option to spread the cost of a purchase interest- and fee-free over the course of six weeks when using Apple Pay in a compatible online shopping cart, with just a soft credit check.

TechRadar Pro needs you!
We want to build a better website for our readers, and we need your help! You can do your bit by filling out our survey and telling us your opinions and views about the tech industry in 2023. It will only take a few minutes and all your answers will be anonymous and confidential. Thank you again for helping us make TechRadar Pro even better.

D. Athow, Managing Editor

Apple Pay financial services

CEO Tim Cook confirmed that Apple Pay Later has already been released for testing among certain company employees, implying that a full release may finally land soon, some six months later than expected. Gurman also suggested that it could be introduced as an update to the current iOS 16.3, rather than an upcoming variant like 16.4.

Apple is also rumored to be working on an extended version of this, allowing customers to finance bigger purchases over longer periods, with additional fees and/or interest on top. The company has long relied on third parties for this, including traditional banks and other fintech companies in most markets: a business model it hopes to size down as it handles more processes in-house.

Read more

> These are the best mobile credit card processors

> Apple Pay Later could be facing some serious delays

> Tim Cook says Apple Pay Later will still launch - just not yet

Finally, users of the US-only Apple Card will soon be able to get interest on their Daily Cash rewards through a partnership with Goldman Sachs. Code to support the feature was first spotted in iOS 16.1 (released in October 2022), with the banking giant later publishing its related fine print in December, however several weeks have passed since any movement indicating that this, too, may be experiencing lengthy delays.

Whether you’re a US customer waiting for one of the several upcoming financial services or a global customer waiting for the three-year-old Apple Card to arrive on your shores, it’s unclear what exactly is holding Apple’s dive into personal finance back and when it will finally deliver on its promises.

TOPICS
Craig Hale
Craig Hale

With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!