“Buy now regret later” is a simple phrase that can be used for the newly introduced feature by Apple.
Apple commenced in 1976 and has been a successful venture ever since. The firm has generated billions of dollars and a whopping 33% increase in revenue. The brand has been vaulting into many sectors in order to volley its competition. The new addition Pay later is currently introduced in iOS 16 with various other features as well. So many platforms offering this service have had a bad reputation due to being unable to retrieve their funds.
What is pay later?
Apple’s newly released pay later is feature inbuilt into the new iOS 16. Where the customer pays in installments over a specified time frame. This varies from six months to one plus year depending on how huge the payment is. Apple is building its own financial service by interconnecting the features.
The Apple card and apple pay were introduced prior which will in turn be a pathway for the current edition. Pay later has its added advantages such as convenience. The 21st century has made life easier in a vast number of ways which is why apple added its new feature.
Users will hop onto this feature as this pay-later option has been having a positive response in terms of increasing customers. Which is the main reason for Apple’s introduction, as this commencement will increase its revenue and further expand the sectors they are focusing on. However, whilst the advantages are obvious there are evident cons for the users of pay later as several articles have traced facts with regards to young individuals being unable to pay important bills such as rent and more due to debt caused by convenience.
How does this work?
Individuals face difficulty in paying the lump sum during purchase thus Apple’s pay later has made this trouble fade away. The customers will pay the first installment during purchase. The feature includes interest-free payment which is the bonus point as with the current situation more people will tend to buy. As banks currently are charging heavy interest for credit cards but Apple is giving it for free. Its perks will be the rise of this addition, as the user count for this is increasing.
Advantages of Pay Later
This feature has advantages for both parties. The customers will receive privacy and the company will generate revenue and have more users. The customer’s debt will eventually build up due to easy accessibility. As due dates approach young customers tend to take unwise decisions to pay off their debt. This debt which is mainly due to temptation can be threatening in the future. This technology addiction will mostly affect youngsters as they typically make instantaneous decisions without thinking of the future.
Moreover, Apple is able to start paying later confidently mainly because credit backing is possible. As the cash reserve is as big as $200 billion which is an added benefit. Issues arose in terms of customer service assistance as Apple has a great reputation as they have maintained excellent services. The main reason for this issue is the potential fines and delayed payment costs. This is because some individuals might struggle to pay on the next installment date. The revenue-driven empire is having issues with regard to this. They release new products and increase the variety in order to capture a large customer base. Apple purchasers have stated that this expansion might have an effect on the core trade.
Overall, it is patent that loyal apple users are willing to use anything released by Apple. As almost half of Apple users own an iPhone, Airpods, or MacBook. This is proof that individuals are willing to test and trial everything they release. This includes all the updates and facilities apple has to offer for its customers. Besides that, back in 2019 apple released their card “Apple card” which is like a credit card with exciting benefits. These show that it has been a building process to develop into their own financial institution.
Stages to attain the current feature
After the development stages, it is observable that the ideology behind this is the big picture. The goal is to manage and receive your money in different ways.
Goldman Sachs is the multinational bank that is backing it. Jenifer Bailey who is the vice president was mentioning the tracking ability so it is secure. Further, the digital wallet is an inbuilt software with a credit card. This makes it easier for people to track their spending. The whole procedure is safe with no potential scams. Expense tracking is being done along with messages which are all features of Apple.
Apple has proven a positive customer focus in multiple scenarios. This is by adding features and providing loans with no interest unlike normal credit card loans given via the bank. This will attract a new base as specific groups look for great customer-friendly acts which Apple has provided.
The real question arises will Apple be able to continue its great positive feedback? Apple entering this sector might lead to a negative backlash. The company will maintain the same standard and further information is released since the drop. People are starting to download the new update and figuring out the feature’s pros and cons. This is a good start to understanding the market. Apple will try to maintain customer friendliness and try to keep its reputation intact.
What will the future look like?
The current situation is a positive advantage for consumers. Most people are unable to afford items therefore this new introduction can be a toxic benefit. Mainly due to the future affordability being questionable thus customers might delay payments and provide reasons blaming the economy. However, what will Apple’s comment or reply be to those queries? How will they retrieve the money without generating a potential loss? Eventually, they might drain their reserve due to this feature. They also might multiply positive figures it is all unsure at this current state. However, by the looks of it, the estimated response might be positive in my personal opinion but not guaranteed.
In conclusion, this feature seems like a financial trap for most people. The outer looks seem inviting such as interest-free installments and affordability. The details are being mentioned with the advantages and disadvantages.
Let’s take a closer look and focus on the ongoing wonderful customer satisfaction. The benefits keep developing and becoming better and more advanced feeding the current needs and wants. Each individual receives their perks while purchasing the products. As Apple’s customer research has a vast focus on consumers and their satisfaction. Loyal customers will buy the new versions as it releases, and the responses will give us new statistics. Apple is continuously proving its excellence by in the current launch the number of people who have been watching. Furthermore, the numbers buying their products for the features are plenty. This will be the next great hit!