Apple introduces Buy now, Pay later service on Tuesday in its Digital Wallet, allowing users to pay for online purchases in installments. Users can split payments for purchases into four installments over six weeks.
Apple pay later allows customers to split the payment into four installments, made first at the time of purchase. Apple users can also apply for a loan within a wallet app, which ranges from $50 to $1000, with zero charges and Interest, to make any in-app purchases or online purchases. Users can also track and manage upcoming loan payments in the wallet app. any loan application can also be done with no impact on credit.
Apple pay later exists within the Apple wallet and allows you to avoid paying the full price for a product right away. Apple’s Pay later option is allowed through the Mastercard Installments program. However, the service was announced during WWDC last year and was supposed to debut with iOS 16.
As per Apple, users can request a loan within the Apple wallet “with no impact to their credit,” once the loan gets approved, you can start seeing the Pay later option at checkout in apps & online on the iPhone & iPad. Users can also manage their loans within the wallet app and get alerts when payment is due.
According to Apple, the payment option is now only rolling out for the United States, with a strategy to offer it to all eligible customers over the next few months.
Apple states that this new service is specially designed for users by focusing on their financial health. As more and more people are looking for ways to manage their finances during economic uncertainty and rising inflation, Apple has decided to offer “buy now, pay later” services. This payment option is also available from well-known providers such as Affirm, Klarna, and Afterpay.
Not everybody can access the Apple Pay later service today. As Apple says, “randomly selected” users will get invites to acquire early access to the service. The service is only available in the US, and more than 85% of retailers in the US accept Apple Pay.
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