Apple Launches ‘Pay Later’ Service. Affirm Shares Swoon.

Apple

on Tuesday announced the launch of Apple Pay Later, the company’s long-anticipated entry into the “buy now, pay later” space.

The new service will allow consumers to split purchases made via Apple Pay through the Apple Wallet app on iPhones and iPads into four payments, spread over six weeks, with no interest and no fees. Apple (ticker: AAPL) said it is inviting select users to access the service Tuesday, with an expansion to all eligible users in coming months.