Apple has finally unveiled the launch of its highly anticipated financing service, Apple Pay Later, which will begin rolling out today. The company has stated that it will be “inviting select users to access a prerelease version of Apple Pay Later,” with a wider release expected in the coming months. Eligible users in the United States can expect to receive an email to their Apple ID and will be able to access the service via the Wallet app on iOS 16.4 and iPadOS 16.4.
According to Apple, randomly selected users will receive an invitation to try out the prerelease version of the service, allowing them to take advantage of its financing options. The service has been highly anticipated, as it will allow users to make purchases and pay for them later in installments, making it easier for consumers to manage their finances. With the prerelease version of the service now available, select users will be able to test out its features and provide feedback to Apple to help improve the overall experience.
While Apple’s corporate and retail employees have already been able to use Apple Pay Later during early testing, the service will soon be expanded to all eligible iPhone users over the age of 18 in the United States in the coming months, according to Apple. The service allows users to split their purchase made with Apple Pay into four equal payments over six weeks, with no interest or fees to pay. Users of the iPhone’s Wallet app can now borrow between $50 and $1,000 with Apple Pay Later.
Unveiled at WWDC 2022 in June, the “buy now, pay later” service allows qualifying customers to split their purchase into four equal payments over six weeks, without interest or fees. Apple Pay Later loans, ranging from $50 to $1,000, can be used for online and in-app purchases made with Apple Pay on the iPhone and iPad.
To apply for a loan, users can go to the Wallet app on their iPhone, enter the amount they want to borrow, and agree to the Apple Pay Later terms. The application process includes a soft credit check, and if approved, Apple Pay Later will be available as a payment option for Apple Pay. Repayment of the loan is handled through a user’s linked debit card.
The service is built into the Wallet app on the iPhone, which will enable users to view, track, and manage their loans in one place. Users can also receive upcoming payment notifications via the Wallet app and email. To repay the loans obtained through Apple Pay Later, users are required to link a debit card as their repayment method. It is important to note that credit cards are not accepted for loan repayments.
To apply for a loan, iPhone users will need to enter the amount they want to borrow and agree to the Apple Pay Later terms within the Wallet app. A soft credit check will then be initiated, with no impact on the user’s credit score. After approval, Apple Pay Later will be available as an option when using Apple Pay.
Apple Pay Later credit assessment and lending will be handled by Apple Financing LLC, a subsidiary of Apple. The service will be based on the Mastercard Installments program, so merchants that accept Apple Pay will not need to do anything to implement it.
If you’re curious about whether you have been given the opportunity to be one of the early adopters of Apple Pay Later, the Wallet app on your iPhone is the place to look. This app is your ultimate reference point to confirm if you’re one of the selected few who have been granted early access to this service. With just a few taps, you can quickly check your eligibility and take advantage of this exciting new feature from Apple. So, if you’re eager to explore the benefits of Apple Pay Later, be sure to check the Wallet app on your iPhone.
Apple has released a support document that provides more comprehensive information on Pay Later. This document sheds light on the details and features of Apple Pay Later. The support document offers a wealth of information, including the eligibility criteria for using Pay Later, the terms and conditions associated with the service, and how to use Pay Later to make purchases. If you’re interested in learning more about Apple Pay Later and its features, the support document is an excellent resource to consult.