Apple Pay will become an integral part of the Apple ecosystem, allowing users to conveniently pay for purchases using their iPhone or Apple Watch. Initially introduced as a payment method for purchases, Apple has worked hard over the past few years to expand its reach. The company introduced his Apple Card in 2019 and most recently announced a “Tap to Pay” service. This allows users to accept contactless payments using just their iPhone.
And now the company has introduced a new payment feature called Apple Pay Later. Apple Pay Later is a new payment feature that allows a user to split his Apple Pay purchase into her four interest-free payments over six weeks. In this article, we take a closer look at Apple Pay Later to see its features and benefits.
What is Apple Pay Later?
Apple Pay Later allows users to split their purchases into four equal, interest-free payments over six weeks.It works anywhere Apple Pay is accepted, and the company says merchants have to none Implement Apple Pay Later for your customers. Think of it as an interest-free “buy now, pay later” option that can be used anywhere Apple Pay is available.
Apple Pay Later: How it works
This feature is integrated directly into the Apple Wallet app. A user can apply for a loan amount ranging from $50 to he $1,000. According to Apple, if a user applies for his Apple Pay Later loan within the Wallet app, it will not affect his credit score.
When a user applies for a loan, a soft credit check is performed to ensure that the user is in good financial standing. If approved, the user can use her Apple Pay Later to make purchases using her iPhone. Also, once Apple Pay Later is set up, a user can apply for a loan directly in his checkout flow at the time of purchase.
Users can view and manage loans from the Apple Wallet app. The Wallet app shows the total amount of all existing loans and the total amount for the next 30 days. There’s also a calendar view to help users track and plan their payments, and Apple says users will receive notifications in his Wallet app and email before payments are due.
To repay the loan, the user must link a debit card. Credit cards are not supported. Apple Pay Later is enabled through the Mastercard installment program in partnership with Goldman Sachs.
Apple Pay Later: Features and Benefits
interest free payment
One of the big advantages of Apple Pay Later is that it offers interest-free payments for up to 6 weeks, unlike some other credit cards and “buy now, pay later” schemes. The user can pay her purchase in four installments over six weeks, with no interest or fees. However, the exact details of what will happen if a user exceeds his six-week payment period, and the interest rates that apply after this period, are currently unknown.
No credit impact
Apple says that applying for a Pay Later loan will not affect a user’s credit score. A soft credit check is performed, but this does not affect the user’s credit score. However, Apple states in a footnote to the press release that the user’s loan and payment history on his Apple Pay Later “may be reported to credit bureaus,” which affects credit scores. There is a possibility.
Easy to manage
Apple Pay Later is built into the Wallet app, making it super easy to manage your loan repayments. The user is clearly shown the ‘total payment amount’ of the existing loan and the amount due within the next 30 days. Apple also sends notifications and emails well in advance of payment due dates.
Source: Remove Splash
Apple Pay Later: Availability
Apple Pay Later is currently available in limited capacity in the US only. A user can take advantage of this feature for all online and in-app purchases made on his iPhone using Apple Pay. However, access to this feature is currently limited to randomly selected users invited to try out a pre-release version of this feature.
This feature is part of the iOS 16.4 software update, but may not be available to all eligible users. Apple says it “plans to roll out” Apple Pay Later to all eligible users in the coming months. To see if you can access this feature, visit his Wallet app on your iPhone now.
Check out these awesome Apple iPhones!
-
iPhone 14 Pro Max
The iPhone 14 Pro is the brand’s latest big-screen premium smartphone. It features a new circular ‘Dynamic Island’ notch, a 48MP primary camera sensor, an A16 Bionic chipset and more.
-
iPhone 14 Pro
The iPhone 14 Pro is the brand’s latest premium smartphone. It features a new circular ‘Dynamic Island’ notch, a 48MP primary camera sensor, an A16 Bionic chipset and more.
-
Apple iPhone 13
The iPhone 13 is still going strong. Powered by the A15 Bionic processor, this smartphone will hold up well into 2023. If you’re looking for an experience that will remain fast and smooth for years to come and doesn’t lack hardware-wise, this is the device to get.
