Apple Pay Later launching today: Here’s how it works

Home » Apple Pay Later launching today: Here’s how it works
Apple Pay Later launching today: Here's how it works

Apple has announced that its long-awaited Apple Pay Later financing service will begin rolling out today. At launch, Apple says that it will “begin inviting select users to access a prerelease version of Apple Pay Later.” It will launch to “all eligible users in the coming months” in the United States.

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Apple Pay Later: Everything you need to know

For those unfamiliar, Apple Pay Later is a new financial service from Apple that will allow customers in the United States to split purchases into four equal payments across six weeks, with no fees or interest. The feature will be available anywhere Apple Pay is accepted online or in-app. Apple Pay Later was announced at WWDC 2022, but is only now beginning to launch.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, says that Apple Pay Later is designed to give users “flexible payment options.” Bailey also reiterates that the service was “designed with our users’ financial health in mind.”

There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later. Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.

The process begins with a user applying for a loan within the Wallet app on their iPhone. This will have “no impact to their credit,” Apple says, but loan and payment history “may be reported to credit bureaus and impact their credit” after a purchase. You can apply for a loan ranging from $50 to $1,000.

“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,” Apple says.

Upon approval, the loan can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay. Once Apple Pay Later is set up for the first time, you can also apply for a loan directly in the Apple Pay checkout flow when making a purchase.

Apple emphasizes that there is nothing merchants need to do to implement Apple Pay Later for their customers. “When a merchant accepts Apple Pay, Apple Pay Later will be an option for their customers during checkout online and in apps on iPhone and iPad,” Apple explains. Apple Pay Later is enabled through the Mastercard Installments program.

Apple Pay Later loan repayments are managed through the Wallet app as well. The app will show you the total amount due for all of your existing loans, as well as the total amount due in the next 30 days.

Before a payment is due, users will also receive notifications via Wallet and email so they can plan accordingly. Users will be asked to link a debit card from Wallet as their loan repayment method; to help prevent users from taking on more debt to pay back loans, credit cards will not be accepted.

To check to see if you’re one of the lucky first people to have access to Apple Pay Later, head to the Wallet app on your iPhone.

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