Apple launches ‘buy now, pay later’ service in US

iPhone maker Apple Inc on Tuesday launched its buy now, pay later service 'Apple Pay Later' in the US that will allow consumers to pay for purchases over time.

The service will allow users to split purchases into four payments, spread over six weeks with no interest or fees.

Users can apply for loans between $50 and $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.

The company will begin inviting select users to access a prerelease version of 'Apple Pay Later', and plans to offer it to all eligible users in the coming months.