agencies
Wednesday, March 29, 2023 08:00 PM
Apple has launched Apple Pay Later, which will allow users to split purchases into 4 payments spread over 6 weeks, CNBC reported.
The company said in a statement that users of Apple Pay Later they will be able to manage, track and repay their loans in their Apple Wallet. Individuals can apply for $50 to $1,000 in Apple Pay Later credits and use them for in-app and online purchases made through merchants that accept Apple Pay.
This states that the payments have no interest or fees.
And the Mastercard installments program enables Apple Pay Later, so merchants who already accept Apple Pay won’t need to make any changes to implement the program for their customers.
Apple said that users can apply for a loan within the Apple Wallet app without affecting their credit score, and once they select the amount they want to withdraw, a credit withdrawal will be conducted to ensure they are in a “good financial position” to obtain a loan.
This will enable Apple to enable certain people to access a trial version of Apple Pay later, and the company said it plans to expand the service to all eligible users in the coming months.
Authorized users will see the option to Pay Later while using Apple Pay to pay online and in apps on their devices iPhone و iPadThey will also be able to apply for a loan upon confirmation of purchase.
Apple said purchases using the software will be authenticated using Face ID, Touch ID, or a passcode.
The company said users can see the outstanding amount of their current loans, as well as the total amount due in the next 30 days, in Apple Wallet. Users will be required to link a debit card as the loan payment method, and credit cards will not be accepted.