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Here’s what you need to know about Apple Pay Later.
Apple has introduced a new buy now, pay later service. Aiming to promote financial health, the program allows users to split purchases into four payments with no interest and no fees.
As of March 28, the tech empire will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer this to eligible users in the coming months.
“There’s no one-size-fits-all approach when it comes to how people manage their finances,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later. Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
According to Apple, “users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.”
To start using Apple Pay Later, users can visit their Wallet app and apply for a loan “no impact to their credit.”
