Spending Big on New Mac or iPhone? Apple Pay Later Finally Launches in the US
Eyeing an iPhone 14 Pro Max, but don't have $1,000+ hanging around? Apple is now offering a buy now, pay later option with the aptly named Apple Pay Later.
The company first teased Apple Pay Later at WWDC 2022 as an upcoming iOS 16 feature. But the mobile OS arrived in September without Pay Later, a delay Bloomberg attributed to(Opens in a new window) "fairly significant technical and engineering challenges."
Those issues appear to have been ironed out now, at least in part. Apple Pay Later launched in the US this week, though it's still limited. Apple says it will invite "select users to access a prerelease version." Everyone else will get it "in the coming months."
If you get the invite, you'll be able to apply for Apple Pay Later loans from $50 to $1,000 within Apple Wallet. Those funds can then be used for online and in-app purchases made on an iPhone or iPad with Apple Pay. Apple will do a "soft credit pull" during the application process.
Once Apple Pay Later is set up, you can also apply for a loan during the checkout process. Loan status can be monitored in the Apple Wallet app. Users will receive due-date notifications there and via email. A linked debit card, meanwhile, is required as a loan repayment method; to prevent folks from accruing more debt than they can handle, credit cards are not accepted.
Purchases using Apple Pay Later are authenticated via Face ID, Touch ID, or passcode; transactions and loan histories are never shared or sold to third parties for marketing or advertising, Apple says.
"Apple Pay Later was designed with our users' financial health in mind, so it has no fees and no interest," says Jennifer Bailey, VP of Apple Pay and Apple Wallet.
Buy now, pay later (BNPL) exploded recently, with
Read more on pcmag.com
