Apple has officially made Apple Pay Later accessible to all users in the United States. This comes after the initial release of the service to a limited number of users in March. Apple Pay Later offers a convenient way for users to split the cost of their Apple Pay purchases into four equal payments over a period of six weeks, without any interest or late fees. The announcement was made during Apple’s Worldwide Developers Conference (WWDC) in June 2022.
Key Takeaway
Apple Pay Later is now available to all users in the US, allowing them to conveniently split Apple Pay purchases into four payments over six weeks. This expansion puts Apple in competition with other buy now, pay later services.
What is Apple Pay Later?
Apple Pay Later allows users to make purchases between $75 and $1000 on their iPhone and iPad, and then divide the total cost into four payments. To get started, users need to apply for a loan within the Wallet app and agree to the terms of Apple Pay Later. Once the loan is approved, users can select the “Pay Later” option when using Apple Pay at online checkout or within apps on their devices.
Easy Payment Management
Prior to completing a purchase using Apple Pay Later, users will be provided with an overview of their four payment installments, along with any other existing Apple Pay Later payments. Users have the choice to set up autopay for convenient automatic payments or make manual payments. The Wallet app will also send alerts and reminders as payment due dates approach, and users can access their payment information within the app.
Eligibility and Verification
To be eligible for Apple Pay Later, users must be at least 18 years old, a US citizen or lawful resident with a physical US address, and have an eligible debit card set up on their device for Apple Pay. Apple may require users to verify their identity using a driver’s license or state-issued photo ID.
Credit Assessment and Merchant Partnerships
Apple Financing handles the credit assessment and lending for Apple Pay Later. On the merchant side, Apple Pay Later is made possible through the Mastercard Installments program, with Goldman Sachs serving as the issuer for the Mastercard payment credential used in all Apple Pay Later purchases.
