Apple Pay Later financing isn’t being handled by a bank…but by Apple

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One of the most intriguing announcements to come out of WWDC 2022 was the launch of Apple Pay Later.

A new service that lets users split a payment made using Apple Pay into four equal payments over six weeks, without incurring interest or late fees, Apple Pay Later was warmly welcomed by users looking for more flexibility when making big purchases. 

Apple has now revealed more details on exactly how the service will run, including the rather major detail that it will actually be managing the finances and lending involved in Apple Pay Later itself.

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