After several months of waiting, at the beginning of this week, Apple Pay Later, Apple’s latest financial service, became available to some users in the US, which could completely disrupt the credit schemes previously offered by banks. Apple Pay Later allows users to pay their purchases in four installments, every two weeks, 100% free of interest and processing costs.
As published by Apple from the ad It also revealed, that users can claim between $50 and $1,000 in Apple Pay Later balance, which can be used for online and in-app purchases made on iPhone and iPad at all merchants that accept Apple Pay. As we wrote, the service is currently only available to some users, but in the coming months I would like to activate it for all authorized users.
Easy like that
Users can apply for loans within the Wallet app, which Apple says is easier than ever.
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, so we are happy to offer them Apple Pay later. The service is designed with the financial health of our users in mind, so there are no administrative costs or benefits, and it can be used and managed within the wallet, making it easier for consumers to make informed and responsible borrowing decisions.
Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, explained.
To start using Apple Pay Later, users must enter the previously mentioned Wallet app and then go to the service interface. They will then be asked to enter the amount they wish to withdraw and accept the Apple Pay terms later. According to Apple, during the application process, the so-called flexible credit assessment is also performed, so that the user can ensure their financial situation before obtaining a loan, thus ensuring their own and the user’s financial security.
Once the user is approved, the option to pay later will also appear when Apple Pay is selected at checkout online or in physical payments, and in the iPhone and iPad apps. Because Apple Pay Later is built right into Wallet, users can seamlessly view, track, and manage all of their credits in one place.
Apple is responsible for everything
Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple Inc. It is responsible for both credit assessment and lending. Starting this fall, Apple Financing plans to report Apple Pay Later loans to US credit bureaus so that they appear in users’ public finance files to promote responsible lending for both lenders and borrowers.
The Californian company is promoting the new service by saying that it will be available to all users after the testing period, for whom Apple Pay can already be used. Theoretically, this means that Apple Pay Later should also appear in that country over time, but Apple has not yet provided exact information on this matter.
(Cover photo: Milan Garros/Bloomberg/Getty Images)
