Apple Pay Later is grappling with “significant” setbacks that could delay its launch until 2023, according to a Bloomberg report.
The tech giant said its Pay Later feature would be released alongside iOS 16. However, iOS 16 is now out and the payment service is still under wraps.
This is due to “significant technical and engineering challenges” causing the delay to its release, while the fine print on Apple’s iOS 16 page simply says it is “coming in a future update.”
According to Bloomberg’s Mark Gurman, “Apple isn’t completely certain when Apple Pay Later will be ready for launch,” and consumers may not see it until Spring 2023 when iOS 16.4 is released.
Back in June, Bloomberg and CNBC alleged that Apple’s subsidiary, Apple Financing LLC, will handle the lending for Apple Pay Later while remaining separate from its core business.
Apple currently has a partnership with Goldman Sachs, performing credit checks and lending for Apple Card, its Mastercard-based credit card, and plans on bringing these services in-house for Apple Pay Later.