Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.
Users can apply for loans between $50 and $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.
- Updated Mar 28, 2023, 10:17 PM IST
IPhone maker Apple on Tuesday launched its buy now, pay later service ‘Apple Pay Later’ that will allow users to split purchases into four payments, spread over six weeks with no interest and no fees.
Users can apply for loans between $50 and $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay. Starting today, Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.
“There is no one-size-fits-all approach when it comes to how people manage their finances,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later.”
How to apply, track, and manage loans in wallet
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To get started with the new service, users can apply for a loan within their wallet with no impact on their credit. They will then be prompted to enter the amount they would like to borrow and agree to the Apple Pay Later terms.
A soft credit pull will be done during the application process to help ensure the user is in a good financial position before taking on the loan.
After a user is approved, they will see the Pay Later option when they select Apple Pay at checkout online and in apps on iPhone and iPad, and can use Apple Pay Later to make a purchase.
Once Apple Pay Later is set up, users can also apply for a loan directly in the checkout flow when making a purchase. Apple Pay Later is built right into Wallet, so users can view, track, and manage all of their loans in one place, the company said.