Apple introduced Apple Pay Later in the U.S. on Tuesday to let users split purchases into four payments, spread over six weeks with no interest or fees. In a press release, Apple announced that users can apply for loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.
Apple added that Pay Later will allow users to track, manage, and repay their loans in Apple Wallet.
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Apple Pay Later preview
Apple Pay Later invitations will be sent to select customers with access to a pre-release version. Following this, all eligible users will be given access in the coming months, the release stated.
Apple Pay Later is built into Apple Wallet. Invited users can apply for a loan within the Wallet, and this does not affect their credit score. On approval, users will see a Pay Later option while using Apple Pay for payments.
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“Apple Pay Later was designed with privacy and security at its core. Purchases using Apple Pay Later are authenticated using Face ID, Touch ID, or passcode, and users’ transaction and loan history are never shared or sold to third parties for marketing or advertising,” Apple said in its press release.
Apple Pay Later is enabled through the Mastercard Installments program. Merchants that accept Apple Pay will be able to view the Pay Later option for their customers during checkout, the release added.
Published on March 29, 2023
