Apple today announced that it will begin inviting “select users” to use the prerelease version of Apple Pay Later in the Wallet app and in an email sent to their Apple ID email.
Apple Pay Later was first announced at WWDC 2022 and is a “buy now, pay later” financing option that allows qualifying U.S. customers to split an Apple Pay purchase into four equal payments spread over six weeks, with no interest or fees. Users need to apply for Apple Pay Later loans of $50 to $1,000, which they can then use to make online and in-app purchases with Apple Pay on the iPhone and iPad.
Apple Pay Later is currently limited to users in the U.S. and requires iOS 16.4 and iPadOS 16.4. Apple says the feature will be expanded to all eligible iPhone users 18 years of age and older 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 payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
Users can apply for an Apple Pay Later loan in the Wallet app without impacting their credit. Users simply enter the amount they’d like to borrow, agree to the Apple Pay Later terms, and wait for a soft credit check to be performed. Once approved, the user will see Apple Pay Later become available as an option in Apple Pay.
Users can access Apple Pay Later in the Wallet app on the iPhone, where they can view, track, and manage their loans in one place. Upcoming payments can be viewed on a calendar, and upcoming payment notifications can be received via email and the Wallet app. Payments are made via a linked debit card, and credit cards cannot be used to make payments.
Apple Financing LLC, a subsidiary of Apple, is handling all credit assessment and lending. The Apple Pay Later program is based on the Mastercard Installments program, so merchants that accept Apple Pay are ready to accept it with no special implementation.
Until today, only Apple corporate and retail employees had access to Apple Pay Later, as part of an early testing program.
For more information about Apple Pay Later, view this Apple support document.