Apple has announced the introduction of Apple Pay Later. It is an innovative payment solution designed to enhance the financial health of our users. This feature allows the user to split the purchase into her 4 interest free payments over 6 weeks. Initially available to select users in the US, Apple plans to expand the service to all eligible users in the coming months.
With Apple Pay Later, customers can apply for loans ranging from $50 to $1,000 for online and in-app purchases made through iPhones and iPads at merchants that accept Apple Pay. Jennifer Bailey, her vice president of Apple Pay and Apple Wallet at Apple, emphasized the flexibility of the new payment options, saying, “It’s designed with the financial well-being of our users in mind, so there are no fees or interest. No,” he said.
Users can apply for loans within the wallet app without impacting their credit. A soft her credit pull during the application process ensures that users are in good financial standing before getting a loan. Once approved, you’ll see the option to pay later when you select Apple Pay at checkout.
Apple Pay Later is currently available to users with randomly sent invitations. The service is available for online and in-app purchases on iPhones and iPads running iOS 16.4 and iPadOS 16.4.
Users can manage their loans within the wallet app and easily track their total outstanding balance and upcoming payments. Notifications and email reminders help users plan upcoming payments. Also, only debit cards are accepted for loan repayment, preventing further debt accumulation.
Apple Pay Later is built on privacy and security, requires Face ID, Touch ID, or passcode authentication, and your transaction and loan history is never shared or sold to third parties. Apple Financing LLC, a subsidiary of Apple Inc., oversees credit checks and loans and plans to report his Apple Pay Later loans to U.S. credit bureaus starting this fall.
The new payment solution will be enabled through the Mastercard Installment Payments program, and merchants who already accept Apple Pay will not need to make any additional changes. Goldman Sachs is the issuer of Mastercard payment credentials used to purchase Apple Pay Later.
Back in 2019, Apple launched Apple Card, the first credit service tailored specifically for Apple users. Integrated into iPhone’s Wallet app, Apple Card provides users with a physical metal card that offers 3% cashback on transactions, 24/7 support and an easy-to-use spending summary. .