Apple finally started releasing today, in the United States, the Apple Pay Later — your newest “buy now, pay later” financial service. Announced during WWDC22, it had been promised for last year, but ended up being postponed to 2023 following Apple faced some technical problems.
The novelty, for those who don’t remember, is a service integrated into the app Portfolio (Wallet), which allows iPhone owners to split the value of a purchase made with Apple Pay in up to four payments over six weeks — without any interest or fees. In addition, the service also lets the user apply for loans ranging from US$50 up to a maximum amount of US$1,000.
According to Maçã, users can apply for a loan without their credit being affected, although they are subject to a series of analyses, as we commented here. Apple Pay Later is available once these reviews are done and the person agrees to the service’s terms of use.
It is through the Wallet app that users can view, track and manage their loans, as well as add payments to their calendar and/or activate notifications, which can be delivered via app or email. For this, it is worth noting, it is necessary to register a debit card, since the service does not accept payments with credit cards.
Interestingly, instead of releasing Apple Pay Later to everyone in the US more broadly, Apple chose to debut the service through a system of invitations that will be randomly delivered to its customers. These invitations, according to the company, will be sent to the email address associated with the person’s Apple ID and will give early access to the service.
To use Apple Pay Later, you must be 18 years of age or older, a US resident, and have an iPhone or iPad with iOS/iPadOS 16.4 installed. The resource, it is worth remembering, is operated by Apple Financing LLC (a subsidiary of the Cupertino giant created last year) and is expected to be expanded to more regions in the coming months.
