Apple is unveiling its latest financial service today. This one is called Apple Pay Later, and it accomplishes exactly what it claims. If you live in the United States, and if you are lucky, you may utilize it to divide your purchases into four equal installments with no interest or fees.
Like Klarna or other “pay later” solutions, this one comes from Apple and is housed within Apple Wallet. “Lives,” if you are fortunate enough to be invited to utilize it. Pay Later is available today, but only to a limited number of customers who have been chosen at random to have early access to a prerelease version.
Apple Pay Later Sending Invitations
If you do get lucky, keep in mind that you can only use Pay Later for online and in-app purchases on your iPhone and iPad running iOS 16.4 and iPadOS 16.4, respectively, and only from Apple Pay-accepting shops.
Pay Later, according to Apple, is “built with consumers’ financial wellness in mind,” whatever that means. Purchases can be divided into four payments spread out over six weeks. Of course, everything on Apple Wallet is simply trackable and managed. Apple Pay Later loans ranging from $50 to $1,000 are available.
When you choose Apple Pay during online and in-app checkout after being accepted, the Pay Later option will appear. You may apply for a loan right in the checkout process while making a purchase after Apple Pay Later is configured. In the “coming months,” Apple Pay Later will be made available to more people and will not require random invitations.