Apple Inc. (NASDAQ:AAPL) has recently launched its “Apple Pay Later” service in the United States, offering a new way for Apple Pay users to pay for their purchases. Here’s everything you need to know about this new service.
What is Apple Pay Later?
Apple Pay Later is a “buy now, pay later” style service that enables consumers to split any Apple Pay purchase into four equal installments over six weeks, without having to pay any additional interest or fees. This service is now available for iOS 16.4 and iPadOS 16.4.
How Does It Work?
Users who wish to use Apple Pay Later will be asked to link a debit card wallet as a method of repaying the loan. However, credit cards will not be accepted. Consumers can borrow anywhere from $50 to $1,000, and they can track, manage, and repay their Apple Pay Later loans from the iPhone Wallet app.
Who is Eligible for Apple Pay Later?
The service is currently available in the US, but only in select states. Apple is inviting “randomly selected users” to access a beta version of the service, and they plan to offer it to all “eligible users” soon.