Apple Pay Later is a new type of installment service that allows Apple Pay users to pay for purchases in installments rather than paying the whole amount at the same time. The new payment mechanism allows customers to pay for purchases in four installments over a period of six weeks, without interest and commissions. True, the Apple installment plan is only available in the United States.
Apple Pay Later installments may be applied for in amounts from $50 to $1,000. Money can be used to pay online or in Apple Pay app for iPhone and iPad developed by merchants that accept Apple Pay. Users will be able to track, manage, and repay their Apple Pay Later loans as quickly as using the familiar Apple Wallet app.
Apple will begin inviting select users to try the Apple Pay Later app today, and intends to extend the service to everyone in the coming months.
"When it comes to how people manage their finances, there is no one size fits all," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "Apple Pay Later was developed with the purpose of providing flexible payment solutions to our customers," according to Jennifer Bailey.
Users will be able to apply for a Wallet loan without compromising their credit history. They will then be required to pay using Apple Pay after a soft credit check is completed.
Apple Pay Later is now included in Wallet, allowing users to view, track, and manage all of their loans in one place. Before the payment deadline, users will also receive notifications via Wallet and email to be able to schedule payments. Credit cards are not accepted.
Apple Pay Later, like Apple Pay itself, requires authentication with Face ID, Touch ID, or a password, and users' transactions and loan history is never shared or sold to third parties for marketing or advertising.
Apple Pay Later is offered by Apple Financing, an Apple subsidiary that is responsible for credit scoring and lending. Apple Pay Later will be reported to credit bureaus in the United States starting this fall, so that they may appear in the general financial profile of citizens and help promote responsible lending for both lenders and borrowers.
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