Apple has announced that it will begin inviting "select users" to download Apple Pay Later in the Wallet app and via an email sent to their Apple ID email.
Apple Pay Later was first announced at WWDC 2022, and is a "buy now, pay later" financing option that allows eligible customers in the United States to pay for an Apple Pay purchase in four equal installments over six weeks, without interest or charges. Users must apply for Apple Pay Later loans of $50 to $1,000, which they can then use to make online and in-app purchases with Apple Pay on the iPhone and iPad.
Apple Pay Later is currently limited to iPhone users in the United States and requires iOS 16.4 and iPadOS 16.4 versions. In the coming months, Apple hopes to expand the service to all eligible iPhone users 18 years of age and older.
'We're committed to helping people manage their finances in a consistent way,' Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. '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.'
Users may obtain an Apple Pay Later loan in the Wallet app without affecting their credit. Users simply enter the amount they'd like to borrow, accept the Apple Pay Later terms, and wait for a soft credit check to be performed. Apple Pay Later will soon be available as an option in Apple Pay.
Apple Pay Later is available on the iPhone's Wallet app, which allows users to view, track, and manage their loans in one place. upcoming payment notifications can be received via email and the Wallet app. Payments are made using a linked debit card.
Apple Financing LLC, a subsidiary of Apple, is responsible for all credit assessment and lending. The Apple Pay Later program is based on the Mastercard Installments program, so merchants that accept Apple Pay are willing to accept it with no special implementation.
Apple Pay Later was available to Apple corporate and retail employees until today as part of an early testing program.
This Apple support manual provides further information on Apple Pay Later.
