Apple Pay Later -- Update -- January 24, 2023

Today: 

Apple Pay Later is Apple's take on a Buy Now, Pay Later service. 

It's expected to be available as part of the company's Apple Pay contactless payment platform.

Apple Pay Later allows you to choose, at checkout, to split your purchase into four equal installments, with one payment made every six weeks. But, unlike buying with a credit card, no interest or fees are charged for using Apple Pay Later.

It's just a benefit of using Apple Pay for your purchases. 

The release date for Apple Pay Later is unknown. The offering was announced in June 2022 at the company's Worldwide Developers Conference (WWDC) and was expected to launch in Fall 2022. That didn't happen, and the company hasn't confirmed a new date, but speculation is that Apple Pay Later will launch in Spring 2023.

At launch, the service will likely be available only in the United States, although maybe not in all states; local laws and regulations will determine that—with other countries to follow later. 

From yesterday;

Digital wallet: link here. 

Major banks in the US are combining forces to take on Apple Pay. Zelle. This is a huge story. Coming on the heels of incredibly poor earnings being reported by some major banks. 

Apple is not a bank. This tells me how threatening the major banks see Apple. See this recent post, one of two big stories reported that week. 

Last year we started receiving information from our regional bank regarding their new service, Zelle. It appeared the Zelle was our only way to transfer money from our bank account to outside accounts where automatic withdrawal exists (other than paper checks). I don't think that's true but it felt that why. Whatever. The big problem: I don't trust my regional bank (transactions fees, etc) and I certainly don't trust an outside app with which I have no experience.

For me, Apple and "trust" are linked in the library.

See yesterday's note on CBDC, also.