Apple Launches "Buy Now, Pay Later" Service in the United States

Apple has launched the "Buy Now, Pay Later" service in the United States, allowing consumers to pay for purchases in installments. The service, known as Apple Pay Later, will enable users to split the cost of their purchases into four payments over six weeks, interest-free and with no fees. Users can apply for loans ranging from $50 to $1,000, which can be used for online purchases and in-app transactions on iPhones and iPads, provided that the merchants accept Apple Pay. It was revealed that over 85% of retail merchants in the United States have accepted this service. Shares of Affirm Holdings, a "buy now, pay later" service, dropped by more than seven percent, while PayPal's shares fell by 1.5% during mid-trading.