By Dean Seal

Apple Inc. is rolling out a feature that allows users of its Apple Pay mobile-payment service to split their purchases into payments that can be spread out over multiple weeks.

The new feature, called Apple Pay Later, was introduced in the U.S. on Tuesday and permits users to break their purchases into four payments and spread those payments out over six weeks with no interest and no fees, Apple said.

The Pay Later loans can be managed and repaid via the Apple Wallet on users' devices. Customers can apply for loans ranging from $50 to $1,000 that can be used at merchants that accept Apple Pay, the company said.

Apple has started inviting randomly selected users to access a prerelease version of the feature and plans to offer it to all users in the coming months.

The feature is enabled through Mastercard Installments, a buy-now-pay-later program from Mastercard Inc., with Goldman Sachs Group Inc. acting as issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

March 28, 2023 13:45 ET (17:45 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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