Apple Pay Later: A new way to pay for your purchases

Apple Pay Later:

Apple unveiled Apple Pay Later in the United States today. Apple Pay Later1 was created with consumers’ financial wellbeing in mind and enables users to divide purchases into four equal payments spaced out over six weeks with no interest or fees. 2 Customers may manage their Apple Pay Later loans in one simple place in Apple Wallet, making it simple to track, manage, and repay them. Customers can request for $50 to $1,000 loans using Apple Pay Later, which they can use for online and in-app purchases made on their iPhone or iPad at shops that accept Apple Pay. 3 With intentions to make Apple Pay Later available to all qualified users in the upcoming months, Apple will start asking select users to access a prerelease version of the service starting today.

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“There is no one method that works for everyone when it comes to managing cash. We’re thrilled to provide Apple Pay Later to our consumers because many people are looking for flexible payment choices, said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. Because Apple Pay Later has no fees or interest and can be used and controlled within Wallet, it was created with our users’ financial wellbeing in mind. As a result, it helps people make wise and responsible borrowing decisions.

Jennifer Bailey, vice president of Apple Pay and Apple Wallet

According to Jennifer Bailey, vice president of Apple Pay and Apple Wallet, “There is no one method that works for everyone when it comes to how individuals handle their funds. We are happy to offer Apple Pay Later to our users because many people are looking for flexible payment solutions. Because it has no fees or interest and can be used and controlled within Wallet, Apple Pay Later was created with our users’ financial wellbeing in mind. As a result, it helps people make wise and responsible borrowing decisions.
As previously said, only a limited number of users may currently use Apple Pay Later. throughout the course of a constrained early access launch. There is no mechanism to seek access; according to Apple, users will be chosen at random; you must be chosen.

Seamlessly Apply, Monitor, and Manage Loans in Wallet

Users can apply for a loan via Wallet to start using Apple Pay Later without having their credit affected. 4 After that, customers will be asked to input the amount they wish to borrow and confirm their acceptance of the Apple Pay Later terms. To help ensure the user is in a sound financial situation prior to accepting the loan, a soft credit draw will be performed throughout the application process.
While using Apple Pay at checkout online or in apps on an iPhone or iPad after being approved, a user will see the Pay Later option and can utilise it to make a purchase. Users can also apply for a loan right in the checkout after Apple Pay Later is set up.

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Users can easily monitor

Users can easily monitor, track, and manage all of their loans in one location thanks to Apple Pay Later, which is integrated straight into Wallet. Users may quickly see the entire amount due for all of their current loans as well as the total amount due in the following 30 days using Apple Pay Later in Wallet. In order to manage and plan their payments, they can also select to view all upcoming payments in Wallet on a calendar. Also, users will receive emails and Wallet notifications so they may make appropriate plans. Customers will be required to attach a debit card from Wallet as their means of loan repayment; credit cards will not be accepted in order to help consumers avoid taking on more debt to repay loans.

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Apple Pay Later was created with security and privacy

Apple Pay Later was created with security and privacy in mind. Customers’ transaction and loan histories are never disclosed or sold to third parties for marketing or advertising purposes while using Apple Pay Later. Purchases are authenticated using Face ID, Touch ID, or a passcode.
Apple Finance LLC, an Apple Inc. subsidiary in charge of credit evaluation and lending, provides Apple Pay Later. Beginning this fall, Apple Finance intends to disclose Apple Pay Later loans to American credit bureaus so they may be seen in customers’ total financial records and encourage responsible lending for both lenders and borrowers.

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Mastercard and Goldman Sachs

The Mastercard Installments programme enables Apple Pay Later, so businesses who accept Apple Pay don’t need to take any further steps to offer it to their consumers. When a business accepts Apple Pay, customers will have the choice to pay later while checking out online or in applications on their iPhone and iPad. The Mastercard payment credential required to perform Apple Pay Later transactions is issued by Goldman Sachs.