Pushing into a new segment of finance pushed Apple's (NASDAQ: AAPL) share price up on Wednesday. The popular tech stock added nearly 2% to its value, outpacing the S&P 500's 1.4% increase on the day.

Not known as the most creative namer of products, Apple announced its Apple Pay Later service on Tuesday afternoon. The buy now, pay later (BNPL) arrangement will allow customers to divide their Apple purchases into four payments. These can be spread over as much as six weeks without incurring interest or fees on top of the purchase amount.

As with the company's branded Apple Card credit product, Apple Pay Later users can opt to track, manage -- and, of course, repay -- their loans from the tech giant through a widget in the Apple Wallet app. 

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Source Fool.com