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Don't think you can afford to plunk down a couple of grand for the latest MacBook Pro? How about spending north of a grand for a decked-out iPad Pro and iPhone Pro all while the country is being hit with inflationary pressures?

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Apple says: Yes, you can.

The tech giant is currently working on multiple different projects and has been experiencing a few technical setbacks along the way.

One of the projects is the "Buy now, pay later" program, and it is expected to be a popular feature. It will also help the Cupertino-based tech leader push through a tough economy when otherwise sales would be expected to soften.

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A "pay later" program is a retail lifeline when consumers start to hold back on sizable purchases.

Apple macbook pro and iPad on a desk

A ‘pay later’ program, in the works at Apple, typically can help both buyers and sellers. (Kurt Knutsson)

What is ‘Buy now, pay later’?

In late 2022, Apple announced it will release what is to be known as Apple Pay Later, or "Buy now, pay later."

It appears that this new way of walking out the door with Apple merchandise without having to pay in full is about to begin. This will allow you to buy Apple products in installments simply by choosing an option that will be available in the Wallet app when making a payment.

The service will allow you to pay in four equal installments and get up to six weeks interest-free. This is similar to services provided by other companies like PayPal, Affirm and Klarna. The official launch was supposed to happen last year; however, it has been delayed until this year and is expected to launch sometime in March or April.

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Who gets the most borrowing power for Apple products?

One of the important factors determining your buying power in the new Apple Pay Later program will be tied to your purchase history. If you shopped a lot for Apple products at Apple.com or in Apple retail stores, then you could be given a higher buying worthiness score.

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What other new Apple services are in the works?

Aside from Apple Pay Later, Apple is also working on three other new service options.

One of the services is called Apple Card Savings Account, which is a new savings account that Apple users with an Apple Card can choose to open.

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People will be able to deposit their Daily Cash to get more out of the rewards they earn with their Apple credit card. They will also be able to deposit additional funds into the account directly from a linked bank account. There is no official word yet on when this service will be released.

The other two services that Apple is reportedly working on yet have not officially been announced are an Apple Pay Monthly service and an iPhone hardware subscription program.

Do you plan on using any of these new services on your Apple devices? Let us know your thoughts.

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