Apple unveils Apple Pay Later, a service enabling consumers to divide purchase costs across multiple installments
Apple has introduced a new service called Apple Pay Later, enabling users to pay for purchases in installments over time, with no interest and no fees. The service is now available in the U.S. for online and in-app purchases on iPhone and iPad.
Apple Pay Later allows users to pay for purchases in four equal installments over six weeks, with no interest or fees. To apply, users can link a debit card from their Apple Wallet and submit an application ranging from $50 to $1,000. Eligible users can begin applying for a prerelease version of Apple Pay Later starting today, with a full rollout planned for the coming months.
The issuer of the Mastercard payment credential used for Apple Pay Later purchases is Goldman Sachs. Merchants that accept Apple Pay do not need to do anything to implement Apple Pay Later for their customers. Users can track, manage, and repay their Apple Pay Later loans all in one place within the Apple Wallet.
Upon purchase, users will receive notifications via Wallet and email before a payment is due to help them plan accordingly. It's important to note that a user's bank may charge fees if their debit card account contains insufficient funds to make loan repayments.
Credit cards will not be accepted as a repayment method for Apple Pay Later loans. Instead, users will be asked to link a debit card from Wallet as their loan repayment method. Apple Financing LLC, a subsidiary or related entity of Apple that handles financing aspects for Apple Pay Later services, is the entity that issues Apple Pay Later loans.
It's worth mentioning that a soft credit pull is done during the application process to help ensure the user is in a good financial position before taking on the loan. Additionally, users' Apple Pay Later loan and payment history may be reported to credit bureaus and could potentially impact their credit.
Starting today, randomly selected users will be invited to get early access to a prerelease version of Apple Pay Later. Apple Pay Later is available with iOS 16.4 and iPadOS 16.4. However, it's important to note that Apple Pay Later is subject to eligibility and approval, and it may not be available in all states or U.S. territories.
Mastercard and Goldman Sachs are involved in the implementation of Apple Pay Later. Apple Financing LLC may report past, current, or future Apple Pay Later loans. For more information and to apply for Apple Pay Later, users can visit the Wallet app on their iPhone or iPad.
Read also:
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Lawsuit of Phenomenal Magnitude: FIFA under threat due to Diarra's verdict, accused of player injustice
- Fossil fuels remain the primary energy source for heating in Baden-Württemberg
- Expansion of railway systems, implementation of catenary systems, and combating fires: SNCF adapting to the summer heatwave
