Furthermore, the company adds that once a user has set up Apple Pay Later, they can simply get a loan in the checkout flow when they make a purchase. Upon approval, customers will be given a Pay Later option in Apple Pay when they make purchases from their Apple devices. Lastly, a credit pull will be conducted to check the debtor’s financial position and ensure the loan can be repaid. Next, they must enter the amount of the loan they wish to get and agree to the terms of service.
While Apple mentions this will be done with “no impact” on the users’ credit, it does mention that their payment history might be shared with credit bureaus. Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”Īpple users who want to avail of the Apple Pay Later service can apply for loans from the Apple Wallet app. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later. “There’s no one-size-fits-all approach when it comes to how people manage their finances. Apple’s vice president of Apple Pay and Apple Wallet, Jennifer Bailey, explained the new service : The company added that it will invite select certain individuals to try out a “prerelease version” of the Apple Pay Later facility from today, however, it plans to make it available for more people in the future. Also, Goldman Sachs issues Mastercard payment credentials that are needed to make purchases using the new service. Additionally, as Apple Pay Later is enabled using the Mastercard Installments program, these merchants are not required to do anything to implement Pay Later for their customers. These loans can be worth $50 to $1,000 and can be used to make online or in-app purchases on iPad and iPhone merchants that support Apple Pay. They can also track and manage their transactions and Apple Pay Later loans from the Apple Wallet app. With Apple Pay Later, customers can pay four installments spread over six weeks when making purchases, that too, without any interest or extra fees.
However, due to technical issues, the launch was delayed. The company initially announced Apple Pay Later in September 2022, when it intended to launch it with iOS 16. residents today, sending out invites to select users before rolling it out widely. Apple is finally bringing Apple Pay Later to its customers, letting them make payments for purchases in installments.
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