Apple launched Apple Pay Later, a service in the United States that will allow consumers to shop first and pay later. Simply put, Apple Pay users can split their purchases into four payments over six weeks with zero interest and no additional fees.
According to the introduction, users can apply for an Apple Pay Later loan of $50 to $1,000 (Currently about RMB 345 to 6,890) to make online purchases and in-app purchases on their iPhone and iPad from merchants that accept Apple Pay. With their financial situation in mind, users can view, manage and repay their Apple Pay Later loan in their Wallet.
Starting today, Apple will begin inviting select users to access a pre-release version of Apple Pay Later, with plans to make the service available to all eligible users in the coming months.
There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible ways to pay, which is why we’re excited to offer Apple Pay Later to our customers,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet at Apple.
Apple Pay Later is designed with our users’ finances in mind, so it has no fees or interest, can be used and managed within Apple Wallet, and makes it easier for consumers to make informed and responsible borrowing decisions.”
Notably, Apple Pay Later is supported through the MasterCard Mastercard Installments program, and Goldman Sachs is the issuer of the MasterCard payment credentials used to complete Apple Pay Later purchases.
Beginning today, Apple will randomly invite users to get a sneak peek at Apple Pay Later via Wallet and Apple ID email. Apple Pay Later is currently available for online and in-app purchases on iPhone and iPad in the U.S. only, and Apple Pay Later is only available on iOS 16.4 and iPadOS 16.4 and above.
