For many of us, using Apple Pay to make purchases has become second nature. However, Apple has always required you to pay the full amount of your purchase before completing the transaction. Now, with Apple’s new financing service, Apple Pay Later, you can spread out the cost of your Apple Pay purchases over several months.
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When does Apple Pay Later kick in?
Customers who use Apple’s digital payments service, Apple Pay, are eligible for Apple’s “Buy Now, Pay Later” financing option, called Apple Pay Later. Apple Pay is the technology that ensures your online transactions are safe and secure, while Apple Pay Later is the service that lets you spread the cost of an Apple Pay purchase out over a set period of time.
According to the official Apple site, Apple Pay Later allows Apple Pay users to divide the total cost of a purchase into four equal payments spread out over a period of six weeks. There are already a number of “Buy Now, Pay Later” payment methods available, such as PayPal, Affirm, and Klarna, from which this new option draws inspiration.
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Apple Pay Later: How do I set it up?
To begin using Apple Pay Later, you must first register for and be accepted into the service. Since Apple Pay Later is a form of lending, the company will check your credit before deciding whether or not to extend you the loan you’ll need to make a purchase. Apple Financing LLC, an Apple subsidiary, performs all necessary credit checks, makes all necessary lending decisions, and makes all necessary loans in order to make Apple Pay Later possible.
Once the service is live, you can sign up for it while making an Apple Pay purchase or in the Wallet app. When making an Apple Pay purchase, you will have the option to use Apple Pay Later if your request has been approved.
Consider that The Wall Street Journal claims you can only borrow up to $1,000 for an Apple Pay Later purchase when shopping.
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When using Apple Pay Later, how do I control my payments?
If you use Apple Pay Later, you can track your purchases and payments in the Wallet app. The Apple Pay Later section of the Wallet app, as shown in a screenshot released by the company, will provide you with a wealth of useful information, such as the total amount of payments due, the amount due in the next 30 days, and a breakdown of all of your upcoming payments.
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Is there a cost to use Apple Pay Later?
The company promises that there will be “zero interest and no fees of any kind” with Apple Pay Later. The consequences of missing a payment, however, remain unknown at this time.
Users will be able to manually make an early payment, but payments made through Apple Pay Later will be deducted from your bank account on the due date. Apple has stated that “a user’s card-issuing bank may charge a fee if the user’s debit card account contains insufficient funds,” though it is unclear what kind of penalty may occur if your bank account does not allow overdrafts.
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Apple Pay Later has yet to be released.
It was speculated that Apple Pay Later would debut alongside the release of iOS 16 in September, but that date has come and gone without the new service making an appearance. Apple has not confirmed it, but given that the service will function in both the web browser and the app itself, it is safe to assume that it will also be available with iPadOS 16 and macOS Ventura.
Bloomberg’s Mark Gurman expressed doubt that the service would debut in 2022 in late September. A journalist wrote in his weekly newsletter that Apple is facing “fairly significant technical and engineering challenges in rolling out the service.” Due to the severity of the problems, Apple Pay Later may not launch until the spring of 2023.
