Updated 3/28/2023: On Tuesday, Apple officially began the release of Apple Pay Later to customers in the U.S. The initial rollout is inviting select users to use a “pre-release” version of the program, which Apple said will become available widespread “in the coming months” — though it did not specify a release date.
The new feature will allow users to split purchases made with Apple Pay into four payments across six weeks, with no interest or fees tacked on. Loans can also be requested via Apple Wallet from $50 to $1,000 with little impact on credit — a “soft” credit run will be processed.
Apple Pay Later is used through Apple Wallet, allowing users to track and view all of their upcoming and completed payments along with loan payments in one place.
Original story below.
Apple’s WWDC (Worldwide Developer Conference) is underway in Cupertino today.
The conference, which began at 1 p.m. PST, has already revealed several exciting new products and features in the pipeline for the tech giant, including the long-awaited iOS 16 (set to debut this September), which will now feature the ability to edit and unsend iMessages.
Another feature that had Apple customers buzzing was the reveal of the company’s newest buy now, pay later product aptly named Apple Pay Later.
Related: Apple Reveals Long-Awaited Edit and Unsend Features to iMessage
The product will put Apple on the map in a space it previously has not tapped into, making Apple Pay a viable option for consumers looking to make major purchases and investments.
Users will be able to pay for a product wherever Apple Pay is accepted and pay back the cost over the course of six weeks in four different payments, with no additional fees or charges.
“Designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet,” Apple said.
The first payment will need to be paid upfront, with the pending and completed payments being managed through Apple Wallet.
Block, a competitor of Apple formerly known as Square, bought its way into the “pay later” space earlier this year via its acquisition of Afterpay Limited.
The two services are expected to go head-to-head upon Apple’s rollout.
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