Apple Pay Later is a new service that allows users to split their purchases into four payments spread over six weeks. Affirm, a financial services company, saw its stock prices decline by 7% after the news of the service was released. Face ID, Touch ID, or a passcode will be used to authenticate the user's purchase, and credit cards will not be accepted. Apple plans to allow all eligible users to access the prerelease version of the service in the coming months.

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