HomeMobileiphoneAfter quite a delay, Apple Pay Later is becoming a reality

After quite a delay, Apple Pay Later is becoming a reality

Despite the considerable delay accumulated by a series of technical unforeseen events based on what was initially expected, Apple is finally launching Apple Pay Later, its new feature that will allow users to split payments for their purchases into four installments over six weeks , and without interest or additional charges.

Apple Pay Later does not work in a similar way to what users have in other banking services, which allows them to divide the payments of their purchases into a series of installments to face large expenses and maintain liquidity for other purchases.

A service based on small personal loans

In the case of Apple Pay, with Apple Pay Later, users will be able to request loans from $50 to $1,000 to pay for purchases of products online as well as for purchases in physical establishments that accept the Apple Pay payment system through from an iPhone or iPad.

Apple Pay Later arrives in a preliminary preview phase, so it is not available to all users in the United States at first, but rather to those who are invited along the way, although Apple intends to extend this feature to all “eligible users” in the coming months with the arrival of iOS 16.4 or iPadOS 16.4.

In any case, users have to make use of the Wallet application on iOS to request the loans, having to indicate the amount they wish to have and accept the terms. According to Apple, a soft credit pull will take place during the application process, and after the loan is approved, you may see the option to “Pay later” when using Apple Pay when paying a loan. Buy online or in a physical store.

In collaboration with Apple Financing and Mastercard

Apple offers this service through Apple Financing, its own financing solutions subsidiary, which also plans to report Apple Pay Later loans to credit bureaus in the US starting this fall, as well as Mastercard on the merchant side, with Goldman Sachs acting as the issuer of the Mastercard payment credentials.

According to Jennifer Bailey, Apple’s vice president of Apple Pay and Wallet, in a press release:

There is no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, so we’re excited to offer Apple Pay Later to our users. Apple Pay Later was designed with the financial health of our users in mind, so it has no fees or interest, and can be used and managed within Wallet, making it easy for consumers to make informed and responsible lending decisions.

More information: Apple

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