Apple introduces zero-interest Apple Pay Later option
Apple introduced Apple Pay Later in the United States, which allows users to split purchases into four payments, spread over six weeks with no interest and no fees. Users can easily track, manage, and repay their Apple Pay Later loans in one convenient location in Apple Wallet. Users can apply for Apple Pay Later loans of $50 to $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’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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “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.”
To get started with Apple Pay Later, users can apply for a loan within Wallet with no impact to 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.
Apple Pay Later is enabled through the Mastercard Installments program, so merchants accepting Apple Pay do not need to do anything 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.