Apple Launches ‘Pay Later’ Service

Apple unveiled its new “Pay Later” service to help customers settle their payments in installments. 

According to a press release, Pay Later will allow purchases to be split into four payment schedules spread across six weeks, with zero interest and no additional fees. 

To use the feature, users can apply for a loan in their Wallet app where they will be prompted to enter the amount they want to borrow, which can range between $50 to $1,000. A soft credit pull will be done during the application to make sure the user has a healthy card balance before they can make the loan. 

Once approved, users will find the Pay Later option once they checkout while making a purchase. Once Pay Later is set up, they may also make the loan directly in the checkout flow.  

With the new feature ingrained into Wallet, users can also see their total amount due, track upcoming payments in calendar view and repay their loans all in one app. Users will also be notified of their due payments via notifications and through an email. 

To prevent debt from piling up, Pay Later will only be accepting debit cards to make payments and credit cards will not be allowed.  

The new app feature will be available as a prerelease version starting today to randomly selected users. However, the tech giant plans to roll out Pay Later to more eligible users in the months to come.  

Apple Pay and Apple Wallet Vice President Jennifer Bailey explained that the service was designed to make it easier for customers to “make informed and responsible borrowing decisions.”  

“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” she added.