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June 14th, 2022 
Awake Goy 
Beta code from the first release of iOS 16 has already leaked a new HomePod and a potentially exclusive iPhone 14 Pro upgrade, but it also contains a feature users have been warned about using.
Posting on The Conversation, Rajat Roy, Associate Professor of the Bond Business School, Bond University, has warned iPhone and iPad owners that the new ‘Apple Pay Later’ service baked into iOS 16 has potentially serious financial consequences — particularly for your credit rating.
Apple iPhone 13 range Apple
In Apple’s own words: “Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind… Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.”
It sounds convenient and Roy notes Apple stands to make significant income from this “zero interest” service as well as learn a lot about its users’ spending patterns:
“As Apple’s customers increasingly start to use the Pay Later service, it will gain from merchant fees. These are fees which retailers pay Apple in exchange for being able to offer customers Apple Pay. In addition, Apple will also gain valuable insight into consumers’ purchase behaviours, which will allow the company to predict future consumption and spending behaviour.”
But Roy argues that the harsh reality of Apple Pay Later is it opens the door for everyday users into the murky world of unregulated finance which “does not bode well for all customers.”
Source: forbes.com
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