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Introduction:
Apple Pay Later Service for United States: Apple is expanding its Apple Pay Later service to all users in the United States, following its initial limited release in March. Apple Pay Later lets users split the cost of Apple Pay purchases into four equal payments over six weeks, with no interest or late fees. Initially unveiled during the 2022 Worldwide Developers Conference (WWDC), the service is now open for purchases ranging from $75 to $1,000 made via iPhone and iPad.
Apple Pay Later Service for United States: The Process
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To begin using Apple Pay Later, users must apply for a loan within the Wallet app, specifying the desired borrowing amount and agreeing to the terms. Once approved, a “Pay Later” option becomes available during checkout for online and in-app purchases on iPhone and iPad.
Prior to completing a transaction with Apple Pay Later, users receive an overview of their four upcoming payments, along with options for autopay or manual payment. Notifications and reminders are provided as payment due dates approach, and payment information is accessible in the Wallet app.
Apple Pay Later Service: Precautions
Apple cautions that users may incur bank fees if their debit card account lacks sufficient funds for loan repayments. To be eligible for Apple Pay Later, users must be at least 18 years old and a U.S. citizen or lawful resident with a physical U.S. address. Setting up Apple Pay with an eligible debit card on the device is also required, and users may need to verify their identity using a driver’s license or state-issued photo ID.
Apple Pay Later Service: How is it managed?
The credit assessment and lending aspects of Apple Pay Later are managed by Apple Financing, while the service is enabled through the Mastercard Installments program on the merchant side, with Goldman Sachs as the issuer of the Mastercard payment credential for Apple Pay Later purchases.
With this broader release, Apple Pay Later is entering direct competition with buy now, pay later (BNPL) services from companies like PayPal, Affirm, Klarna, and others.
