It took almost a year, but Apple’s pay-over-time mechanism is now available. Apple Pay Later is now available for US users in a “prerelease” form that needs an invitation. If you’re eligible, you may divide your online Apple Pay purchases (bought with an iPhone or iPad) into up to four instalments over six weeks. There are no fees or interest payments, and you must attach a debit card to apply for loans higher than $1,000. This will not affect your credit score, and Apple said it would not share data with third-party advertisers.
With iOS 16.4 and iPadOS 16.4, Apple Pay Later is part of the Wallet app and includes a calendar to help you monitor your next instalment. You’ll also get app-based and email alerts for upcoming payments to keep you on track.
According to Apple, the functionality will be available to all qualified users in the “coming months.” Because of Mastercard cooperation, businesses who accept Apple Pay don’t need to change anything – if you can use Pay Later, you’ll see the option during checkout on the web or in apps. Beginning in the autumn, Apple will submit Pay Later loans to US credit bureaus in the interests of “promoting responsible lending” for both borrowers and lenders.
Apple originally teased Pay Later at WWDC 2022, and the feature was thought to be in the works in 2021. It was expected to be released with iOS 16 in September, but Bloomberg’s Mark Gurman learned it was delayed due to technical difficulties. The corporation has not provided an official explanation for the delay.
