Apple secretly testing Apple Pay upgrade that will make spending money easier than ever

Apple Pay Later
(Image credit: Apple)

Apple Pay Later appears to be getting ready for launch with Apple allowing retail employees to take the feature for a spin.

The buy now, pay later feature will allow people to make a purchase with a value of up to $1,000 and then spread the cost across six weeks and four installments.

Like many schemes of its kind, Apple Pay Later won't charge any fees or interest so long as all payments are made on time.

Apple has now reportedly handed a test version of Apple Pay Later out to its retail employees - it currently has more than 80,000 of them across around 270 stores across the United States.

Apple Financing LLC

While Apple isn't a bank as such, Bloomberg reports that it did set up Apple Financing LLC as a wholly owned subsidiary in order to get Apple Pay Later up and running. But Apple is said to be working on an off-shoot feature called Apple Pay Monthly that will use Goldman Sachs as the financial clout behind it, just like Apple Card.

Apple Pay Monthly would reportedly be designed for larger purchases that could be split across several months and accrue interest. With Apple Pay Later limited to purchases of less than $1,000, Apple Pay Monthly would be the option for those looking to finance Apple's best iPhones, most Macs, and the rumored mixed reality headset dubbed Reality Pro.

It still isn't clear when Apple Pay Later will be available for everyone to use, but the fact it's now being tested suggests it's closer to public availability than ever. The feature was originally announced alongside iOS 16 but missed the September 2022 release window and is now listed as a 2023 feature. Apple Pay Later will be available anywhere that accepts standard Apple Pay but only in the United States.

Oliver Haslam

Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.

Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.