Apple Pay Later Available on Limited Basis Starting Today, Launching Widely in Coming Months

[MacRumors]

Apple today announced that it will begin inviting "randomly selected users" to use a prerelease version of Apple Pay Later via the Wallet app and an email sent to their Apple ID. Apple Pay Later is available in the U.S. and requires iOS 16.4 and iPadOS 16.4.

Apple Pay Later will be expanded to all eligible iPhone users over the age of 18 in the U.S. in the "coming months," according to Apple.

Announced at WWDC 2022 last June, Apple Pay Later is a "buy now, pay later" financing option that lets qualifying customers in the U.S. split a purchase made with Apple Pay into four equal payments over six weeks, with no interest or fees to pay. Users can apply for Apple Pay Later loans of $50 to $1,000 to be used towards online and in-app purchases made with Apple Pay on the iPhone and iPad, according to Apple.

iPhone users can apply for a loan in the Wallet app with no impact to their credit. After entering the amount they would like to borrow and agreeing to the Apple Pay Later terms, a soft credit check will be initiated during the application process. After a user is approved, Apple Pay Later will be available as an option when using Apple Pay.

Apple Pay Later is built into the Wallet app on the iPhone, allowing users to view, track, and manage loans in one place. Users can view upcoming payments on a calendar and choose to receive upcoming payment notifications via the Wallet app and email. Users must link a debit card as their loan repayment method, with credit cards not accepted.

Apple Pay Later credit assessment and lending is handled by Apple Financing LLC, a subsidiary of Apple. The service is based on the Mastercard Installments program, so merchants that accept Apple Pay do not need to do anything to implement it.

Apple's corporate and retail employees were already able to use Apple Pay Later prior to today's announcement, as part of early testing.

Apple has shared a support document with additional details about Pay Later.

Article Link: Apple Pay Later Available on Limited Basis Starting Today, Launching Widely in Coming Months

 

[ProfessionalFan]

Has anyone here gotten the invite yet?

 

[Bob1985]

6 weeks?

 

[CalMin]

Pretty cool given that there are no interest or fees to pay. What's Apple's angle here though?

 

[CasinoOwl]

This seems like a way into debt. Why not save up for 4 weeks and then buy the thing when you have the money? I could see how this would be good in case of emergency, but it seems most people will just get into a cycle of spending next month's money. Not good.

 

[ProfessionalFan]

Pretty cool given that there are no interest or fees to pay. What's Apple's angle here though?

Easier to get people to make an impulse purchase.

 

[WilliApple]

Yay! Now we can now start becoming in debt to Apple!

 

[ProfessionalFan]

Yay! Now we can now start becoming in debt to Apple!

Technically already could be via the Apple Card anyway.

If you don't pay on time, Apple is gonna send Craig Federighi over. He won't break your kneecaps or anything. He will just look at you and shake his head in disgust.

 

[dannyyankou]

Just what we need, more borrowing in this economy. What can go wrong?

 

[cdsapplefan]

Split a $2 Snicker bar into 4 interest free payments, lol 😂

 

[Edsel]

What is the penalty and interest rate if one of your payments is a day late? That's where they will get'ya.
(p.s. Read the 34 page fine print "manifesto" before you sign-up.)

 

[cdsapplefan]

Pretty cool given that there are no interest or fees to pay. What's Apple's angle here though?

Apple’s angle is that your gonna buy more Apple products and services with this. You’ll be automatically approved for everything with one small upfront payment

 

[bkaus]

Pretty cool given that there are no interest or fees to pay. What's Apple's angle here though?

We are a merchant and the other system we use that has pay later charges us. I don’t enable that option. Figure it’s just getting people in trouble beyond typical credit card trouble.

I’m also curious about apples angle.

 

[maflynn]

I’m also curious about apples angle.

Pure and simple - more money

 

[Brad7]

A key point:

Users will be asked to link a debit card from Wallet as their loan repayment method; to help prevent users from taking on more debt to pay back loans, credit cards will not be accepted.

Why don’t they also offer it in Apple Card? They already do it for Apple store products.

 

[compwiz1202]

This seems like a way into debt. Why not save up for 4 weeks and then buy the thing when you have the money? I could see how this would be good in case of emergency, but it seems most people will just get into a cycle of spending next month's money. Not good.

Yea seems too quick compared to others where you go monthly over 12+ months sometimes

 

[cdsapplefan]

This seems like a way into debt. Why not save up for 4 weeks and then buy the thing when you have the money? I could see how this would be good in case of emergency, but it seems most people will just get into a cycle of spending next month's money. Not good.

Right, but Apple is not a financial advisor. There not concerned with you putting things on auto monthly payments. They are concerned with how many products and services you are buying from them.

 

[compwiz1202]

Split a $2 Snicker bar into 4 interest free payments, lol 😂

But nothing better than this one:

USB-C to Apple Pencil Adapter​

$9.00
or
$0.75/mo.per month for 12 mo.*

 

[ThisBougieLife]

Ah, are there any words more thrilling to the modern consumer than "pay later"?

 

[ProfessionalFan]

But nothing better than this one:

USB-C to Apple Pencil Adapter​

$9.00
or
$0.75/mo.per month for 12 mo.*

I'd do the 12 months just for the laughs

 

[cdsapplefan]

Paypal has been doing this for a while
Now and it works well. Guess Apple wants to follow Paypal now.

 

[Macalway]

Easier to get people to make an impulse purchase.

Paycheck to paycheck for most people, and desire wears quickly.

 

[dannyyankou]

Ah, are there are any words more thrilling to the modern consumer than "pay later"?

These days, lots of people don‘t pay at all. Shoplifting is crazy lately, I work retail and find empty boxes everywhere I turn.

 

[MacDaddyPanda]

I don't see the appeal of this. It's like a form of lay-away. No Thanks. Just wait till you have the money. lol.

 

[IIGS User]

Well, people sometimes doubt Apple is an "American" company.

Here's proof. Buying on credit and on time is the American way.


These "pay later" loans are ethically one step away from a title loan.