Apple continues its foray into the banking sector by launching Apple Pay Later in the United States. This new service consists of a credit offer allowing payments to be made in four instalments free of charge spread over six weeks. This launch is very controlled; Apple will begin inviting eligible users starting today. Global availability in the United States is expected in the coming months.
“Apple Pay Later was designed with the financial health of our customers in mindassures Jennifer Bailey, the head of Apple’s payment services, in the Press release. So there are no fees or interest, and the service can be used in Wallet, allowing consumers to make informed borrowing decisions. »
Interested consumers will be able to apply for a credit ranging from $50 to $1,000 used to make split purchases with Apple Pay. From conditions for obtaining credit, there is being of legal age, being a US citizen or resident, having activated two-factor authentication for your Apple ID and having sufficient financial resources. THE credit scorea sort of personal financial profile, comes into play.
To understand how credits work in North America, you can (re)read our explanations on the Apple Card (even if this credit card is not required for Apple Pay Later):
Apple Card: we take stock of Apple’s credit card
Once the credit is in hand, consumers will automatically see the Pay Later option when they make a purchase with their iPhone or iPad (for online purchases for the latter). Since the Apple Watch is not mentioned, it apparently does not allow split payment to be selected. To avoid charges, customers will of course have to repay their credit on time.
This launch of Apple Pay Later in the United States hides another, that of Apple Financing LLC. While the Apple had partnered with banks for the Apple Card and Apple Cash, this time it is she who manages almost everything internally. Apple Pay Later would just be the first financial service from a long list administered an internal.
