Apple has today launched a pre-release version of its Buy Now, Pay Later (BNPL) tool in the US.

The tool will be available for online and in-app purchases made with an iPhone or iPad through any merchant that accepts payments using Apple’s existing payment function.

Users of the BNPL tool will be to split purchases into four equal payments across a six-week period, with no interest or fees accrued.

Loans between $50 and $1000 will be available, with users able to track and manage them though Apple Wallet.

The tech giant said it is initially inviting select users to access the pre-release version of Apple Pay Later, with plans for a wider rollout in the coming months.

Jennifer Bailey, vice president of Apple Pay and Apple Wallet says the new tool has been created because there is “no one-size-fits-all approach to how people manage their finances”.

“Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions,” she said.

Apple’s entry into the BNPL space follows recent research by GlobalData which anticipates the space will exceed $1 trillion by 2030.

The research suggested that Apple, along with Google, Mastercard, PayPal, and Visa, would be the sector’s leading players by 2030.

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