Apple $AAPL has launched Apple Pay Later (a buy now, pay later service):

Apple $AAPL has launched Apple Pay Later (a buy now, pay later service).

Apple Pay Later will allow users to split their purchases into 4 equal payments over 6 weeks with $0 interest or fees.

It is important to note that Apple Pay Later is not a loan. Customers are not borrowing money from Apple or from a bank. Instead, they are simply splitting their purchase into four equal payments.

More than 85% of U.S. retailers accept Apple Pay. Apple will generate revenue from merchant fees paid by retailers for offering Apple Pay as a payment option. The service will be provided by Apple Financing LLC.

The introduction of Apple Pay Later impacted Affirm’s shares, which fell more than 7%. This move threatens to disrupt the fintech sector dominated by firms like Affirm and Klarna.