While using Apple Pay to make a purchase has been the norm for many of us, you’ve always had to pay the whole amount of the transaction upfront.
Apple is looking to change that with Apple Pay Later, a new financing service from the company that allows you to split Apple Pay purchases up over time
What is Apple Pay Later, and how does it work?
Apple Pay Later is a “Buy Now, Pay Later” financing service that Apple will offer to clients who use the company’s Apple Pay digital payment service. While Apple Pay is the technology that allows you to make a secure and safe online purchase, Apple Pay Later is a new service that allows you to finance an Apple Pay purchase over time.
Apple Pay Later, according to the business, allows Apple Pay users to divide the amount of an Apple Pay transaction into four equal payments over the period of six weeks. The new option is similar to previous “Buy Now, Pay Later” options provided by PayPal, Affirm, and Klarna, among others.
The company has acknowledged that it is offering the service through the Mastercard network, which it also utilises for its Apple Card credit card.
How do I use Apple Pay Later?
To use Apple Pay Later, you must first apply for the service and wait for acceptance.
Because Apple Pay Later is a lending business, Apple will need to undertake a credit check before deciding whether or not to grant you a loan to help you finance a purchase. Apple Financing LLC, an Apple subsidiary, is in charge of credit checks, decision-making, and lending for Apple Pay Later.
You’ll be able to apply for Apple Pay Later while completing an Apple Pay purchase or within the Wallet app once the service opens. When making an Apple Pay purchase, you’ll have the option to utilise Apple Pay Later if you’ve been accepted.
Where will Apple Pay Later be available?
Apple has confirmed that Apple Pay Later will only be available in the United States when the service launches this fall. While the company is surely planning to bring the service to additional countries, it is currently unclear which countries are next on the list or when the service could come their way.
When will Apple Pay Later launch?
Apple Pay Later now appears to be a feature that will be included in iOS 16 when it is released to the public in the fall of 2022. While Apple has not mentioned so directly, the service is expected to work with iPadOS 16 and macOS Ventura, as the firm has stated that it will work both online and in-app.
