Apple has introduced a new service called "Apple Pay Later" that allows customers to buy Apple products in instalments. The service offers the option to split the total cost of a product into four payments, which can be spread out over six weeks, with zero interest or fees. Customers can also apply for loans ranging from $50 to $1000 to use for online and in-app purchases made on their iPhone or iPad at Apple Pay-supported merchants.
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Apple will send invitations to certain users to access a beta version of Apple Pay Later, before its full launch shortly. Eventually, all eligible users will be able to access the service.
Jennifer Bailey, who is the Vice President of Apple Pay and Apple Wallet, said that there is no single solution when it comes to managing finances. They are thrilled to offer users the Apple Pay Later service since people need flexible payment choices. Bailey further mentioned that Apple Pay Later has been designed keeping in mind the financial health of users. The service does not charge any fees or interest, and it can be conveniently used and managed within the Wallet app.
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To get started with Apple Pay Later
- Users can start using Apple Pay Later by applying for a loan within the Wallet app on their iPhone or iPad.
- There is no impact on the user's credit when they apply for the loan.
- The user must agree to the rules of Apple Pay Later and input the amount they wish to borrow.
- A soft credit pull will be done during the application process to determine if the user is in a good financial position to take on the loan.
- Upon approval, users can access the Pay Later option when using Apple Pay to checkout online or in-app purchases on their iPhone or iPad.
- They can use this option to split the cost of their purchase into four payments over six weeks with no interest or fees.
