Apple Pay Later: A New Financing Option for Qualifying U.S. iPhone Users

Apple Pay Later, the latest financing option from Apple, was first announced at the Worldwide Developers Conference in 2022. The feature is now being rolled out to "randomly selected users" through a prerelease version of the Wallet app. Those who have access to this version should have received an email to their Apple ID account and must have iOS 16.4 and iPadOS 16.4 installed.

This is just a prerelease version, but the full service will be available to eligible iPhone users who are over 18 years old in the United States in the coming months.

Apple Pay Later allows qualifying customers to split up the cost of a purchase made with Apple Pay into four equal payments over a period of six weeks. There are no additional fees or interest on top of these payments, and loans can range from $50 to $1,000. Once approved, users can use Apple Pay Later for online and in-app purchases on their iPhone or iPad.

Users who qualify for Apple Pay Later can apply for loans directly inside the Wallet app, without affecting their credit. The application process is simple - just enter the required amount, agree to the Apple Pay Later terms, and initiate a soft credit check. Once approved, Apple Pay Later will appear as an option in Apple Pay.

Apple Pay Later is directly integrated into the Wallet app, similar to Apple Card. As a result, users can view, track, and manage all their loans in one place. The Wallet app also provides a calendar view of upcoming payments and can send payment notifications through the app or email, ensuring that users do not miss any payments. However, it is necessary to link a debit card for loan repayment, as credit cards are not accepted.

Apple Financing LLC, a subsidiary of Apple, manages all Apple Pay Later credit assessments and loans. The service uses the Mastercard Installments program, which means that merchants who already use Apple Pay do not need to take any additional steps