© Courtesy of Tell Me BestApple has rolled out internal testing of Buy Now Pay Later to Apple retail partners. This decision indicates that the long-awaited feature is finally about to be released. In 2019, employees started using the company's credit card a month before launch. The click-to-pay feature was tested by Headquarters Visitor Center staff before being made available.
Earlier this week, the California-based tech giant reached out to Apple retailers to offer a "buy now, pay later" experience. The service, known as Apple Pay Later, allows shoppers to pay for purchases in installments. The company previously launched a similar test for corporate employees, according to Bloomberg.
The Buy Now Pay Later feature was first announced at Apple's Worldwide Developers Conference in June 2022. This feature was originally planned to launch with iOS 16. However, the company changed its mind and released the software update without it due to major engineering and technical issues. problems. It caused delays, according to Engadget.
When Apple discussed its upcoming Buy It Now service, the company said users would be allowed to split payments into four equal parts. It will be paid within six weeks without interest or additional fees. According to Bloomberg, the iPhone maker is working with Goldman Sachs to offer an option that spreads the cost of large purchases over months with interest.
The company's decision to create its financial subsidiary - buy now - pay later - is part of the development of the business. This involves developing processes, parts and services independently of the partnership. The tech giant is now using its own silicon in hardware instead of relying on Intel or Samsung. According to MacWorld, Apple is also working on a mobile Wi-Fi chip and modem.
In addition to offering Buy Now and Pay Later, Apple missed revenue and profit and loss forecasts for many of its companies. As a result, the share price fell in extended trading in early February. The company's holiday quarter revenue also fell 5% from 2022. This is the first annual decline since 2019, according to CNBC.
According to company CEO Tim Cook, three factors contributed to the results. This includes the rising dollar, manufacturing issues in China affecting the production of various versions of the iPhone 14, and the general macro environment negatively affecting many companies. Fortunately, none of these problems hindered the Buy It Now test run by Apple's retail staff.
Apple did not provide guidance for the quarter ending in March. This is not surprising, as the company has not released a forecast since 2020, citing the uncertainty caused by the pandemic. However, analysts had expected revenue in the fiscal second quarter to be around $98 billion. Cook also mentioned the "buy now pay later" beta test and said it would launch soon.
Buy Now Pay Later will complement other powerful components of the Apple service, such as Apple Pay, Apple Card and Music. And while the tech company is cutting costs and slowing hiring, it hasn't announced any layoffs. "Our environment is complex. So we're cutting costs," Cook told CNBC. "We are also very careful and careful with the people we hire."
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