A rumor we heard of in July was that Apple would launch “Apple Pay Later” to let people pay for purchases in installments, like Apple Card customers enjoy. This was not announced at the iPhone 13 event, but in the meantime, Mastercard customers can use a similar service.
Mastercard Installments enables consumers to digitally access BNPL offers, either pre-approved through their lender’s mobile banking app or through instant approval during checkout. Pre-approved installments can be used directly on a merchant’s website, and can be stored in digital wallets including Click-to-Pay, to then be used online or in-store wherever Mastercard is accepted. Instant approvals during checkout will be available through Click-to-Pay shortly after launch.