Apple Pay Later has transitioned from its early-access beta phase to an official launch in the United States for eligible residents.
Apple Pay Later is an in-house credit program that enables customers to borrow funds ranging from $75 to $1,000 to make purchases without the need to pay the full upfront price. During its early-access phase, the initial loan amount was $50, but it has now been increased. This borrowed credit can be used for transactions on any website that supports Apple Pay, expanding beyond Apple’s own products and services.
Once the loan is approved, customers can repay it in four installments over a six-week period, without incurring any interest or fees. Eligibility for Apple Pay Later and the maximum borrowing limit are contingent on an individual’s credit rating.
Notably, the full rollout of Apple Pay Later comes ahead of an upcoming Apple event scheduled for October 30, where new Macs and the rumored Apple M3 chip are expected to be unveiled. This timing aligns with the potential release of new products, providing customers with a flexible payment solution for making purchases without a large upfront payment.
Previously, Apple Pay Later was only available to a limited number of customers in March. However, Apple has now removed the statement “Apple Pay Later is currently only available to customers invited to access a prerelease version” from its Pay Later support documentation, as highlighted by MacRumors.
Apple Pay Later differs from traditional credit services as it is integrated within the Wallet app on iPhone, allowing users to access the service without the need for a web browser and manage, track, and review loan repayments.
It remains uncertain whether Apple Pay Later will expand to other countries beyond the United States. In the UK, Apple has a partnership with Barclays that offers customers the option to purchase Apple devices and repay in monthly installments with 0% interest over 24 months. This enables customers to acquire higher-spec models without a substantial upfront payment, although it is limited to Apple devices purchased through the company’s website.
As Black Friday deals gain momentum, Apple Pay Later could be a valuable resource, allowing customers to seize discounted items without requiring a significant initial payment.
