Apple CEO Tim Cook recently appeared in a CNBC interview and said that Apple Pay Later will be ‘launching soon’.

Cook mentioned that the service is being beta tested by Apple employees, and can prove to be instrumental in boosting revenue. The interview was held ahead of the official 2023 Q1 earnings call. Apple Pay Later appeared during the WWDC in June and is similar to PayPal’s ‘pay later’ feature and allows for multiple payments spread out over time on a purchase.

The exact date on when Pay Later will launch is yet to be revealed, but it’s believed that the announcement will be made in a month or two.

Specifically, Apple Pay Later allows a customer to divide a product purchase over four payments, spread over six weeks. The Cupertino-based company said that Apple Pay Later will be available in locations where Apple Pay can be accepted. Payments can be done and viewed in the Wallet app.