March 28, 2023
Apple offers Apple Pay Later to allow consumers to pay for purchases over time
Apple Pay users can split purchases into four interest-free and fee-free payments
Cupertino, California Apple today introduced Apple Pay Later in the US Designed with users’ financial health in mind, Apple Pay Later1 It allows users to split purchases into four payments, spread over six weeks with no interest and no fees.2 Users can easily track, manage, and pay off their Apple Pay Later loans in one convenient place in Apple Wallet. Users can apply for Apple Pay Later credits from $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.3 Starting today, Apple will start inviting select users to access a beta version of Apple Pay later, with plans to offer it to all eligible users in the coming months.
“There is 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 offer our users Apple Pay later,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. “Apple Pay Later is designed with the financial health of our users in mind, so there are no fees or interest, and it can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
Apply, track and manage loans seamlessly in Wallet
To get started with Apple Pay Later, users can apply for a loan within Wallet without any impact on their balance.4 They’ll then be asked to enter the amount they’d like to borrow and to agree to the Apple Pay Later terms. A flexible credit draw will be conducted during the application process to help ensure that the user is in good financial standing before taking out the loan.
Once the user is approved, they’ll see a Pay Later option when they choose Apple Pay when paying online and in apps on their iPhone and iPad, and can use Apple Pay Later to make a purchase. Once Apple Pay Later is set up, users can also apply for a loan directly in the checkout flow when making a purchase.
Apple Pay Later is integrated right into Wallet, so users can seamlessly view, track and manage all of their loans in one place. With Apple Pay Later in Wallet, users can easily see the total amount due for all of their current loans, as well as the total amount due in the next 30 days. They can also choose to see all upcoming payments on a calendar view in Wallet to help them track and plan their payments. Before payment is due, users will also receive notifications via Wallet and email so they can plan accordingly. Users will be required to link a Wallet debit card as a method of loan repayment; To help prevent users from taking on more debt to pay off loans, credit cards will not be accepted.
Apple Pay Later is designed with privacy and security at its core. Purchases with Apple Pay Later are authenticated using Face ID, Touch ID, or a passcode, and users’ transactions and loan history are not shared or sold to third parties for marketing or advertising.
Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple Inc. , which is responsible for the assessment of credit and lending. Apple Financing plans to report Apple Pay Later loans to the US credit bureaus starting this fall.5 So that it is reflected in the overall financial profiles of users and can help promote responsible lending for both the lender and the borrower.
MasterCard and Goldman Sachs
Apple Pay Later is enabled by the Mastercard installment program, so merchants that accept Apple Pay don’t need to do anything to apply Apple Pay Later to their customers. When a merchant accepts Apple Pay, Apple Pay will subsequently be an option for their customers while paying online and in apps on iPhone and iPad. Goldman Sachs is the issuer of the Mastercard payment credentials used to complete Apple Pay Later purchases.
Starting today, randomly selected users will be invited to early access to a trial version of Apple Pay Later via Wallet and via email to their Apple ID. Apple Pay Later is available in the United States for online and in-app purchases on iPhone and iPad.Apple Pay Later is available with iOS 16.4 and iPadOS 16.4.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms—iOS, iPadOS, macOS, watchOS, and tvOS—deliver seamless experiences across all of their Apple devices and empower people to offer advanced services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on Earth, and to leaving the world in a better state than we found it.
- Apple Pay Later is subject to eligibility and approval. Apple Pay Later is only available in the United States, and may not be available in all states. It is not available in US regions. Loans are offered by Apple Financing LLC, NMLS # 2154940. For California residents, loans are made or arranged pursuant to a California Finance Act license. To use Apple Pay Later, the user must have an iPhone or iPad updated to the latest version of iOS or iPadOS. For more eligibility details, see support.apple.com/en-us/HT212967.
- A user’s bank may charge him a fee if his debit card account contains insufficient funds to make loan payments.
- Some merchants may not be eligible to offer Apple Pay at a later date.
- Upon purchase, the user’s Apple Pay Later loan and payment history may be reported to credit bureaus and affect their credit.
- Apple Financing LLC may report past, current, or future Apple Pay Later loans.
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