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'Apple Pay Later' Is Coming to Apple Pay

The company revealed its new 'buy now and pay later' software, which is set to roll out on iOS 16.

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's (Worldwide Developer Conference) is underway in Cupertino today.

Thomas Trutschel | Getty Images

The conference, which began at 1 p.m. PST, has already revealed several exciting new products and features in the pipeline for the tech giant, including the long-awaited 16 (set to debut this September), which will now feature the ability to edit and unsend iMessages.

Another feature that had Apple customers buzzing was the reveal of the company's newest buy now, pay later product aptly named Apple Pay Later.

Related: Apple Reveals Long-Awaited Edit and Unsend Features to iMessage

The product will put Apple on the map in a space it previously has not tapped into, making Apple Pay a viable option for consumers looking to make major purchases and investments.

Users will be able to pay for a product wherever Apple Pay is accepted and pay back the cost over the course of six weeks in four different , with no additional fees or charges.

"Designed with users' financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet," Apple said.

The first payment will need to be paid upfront, with the pending and completed payments being managed through Apple Wallet.

Block, a competitor of Apple formerly known as Square, bought its way into the "pay later" space earlier this year via its acquisition of Afterpay Limited.

The two services are expected to go head-to-head upon Apple's rollout.

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