According to the company, Apple Pay Later users will be able to manage, track, and repay their loans in their Apple Wallets.
Apple announced Apple Pay Later on Tuesday, allowing users to divide purchases into four payments over the course of six weeks.
Affirm fell 6% in response to the news.
Users of Apple Pay Later will be able to manage, track, and repay their loans in their Apple Wallet, the company announced Tuesday. Individuals can apply for Apple Pay Later loans ranging from $50 to $1,000 and use them for in-app and online purchases made through Apple Pay merchants. Payments contain no interest or fees.
Because the Mastercard Installments program supports Apple Pay Later, merchants who already accept Apple Pay will not need to make any changes to accommodate their customers.
Apple announced Apple Pay Later on Tuesday, allowing users to divide purchases into four payments over the course of six weeks.
Affirm fell 6% in response to the news.
Users of Apple Pay Later will be able to manage, track, and repay their loans in their Apple Wallet, the company announced Tuesday. Individuals can apply for Apple Pay Later loans ranging from $50 to $1,000 and use them for in-app and online purchases made through Apple Pay merchants. Payments contain no interest or fees.
Because the Mastercard Installments program supports Apple Pay Later, merchants who already accept Apple Pay will not need to make any changes to accommodate their customers.
According to Apple, users can apply for a loan through the Apple Wallet app without having their credit score affected. According to the release, once they choose the amount they want to withdraw, a soft credit pull will be performed to ensure they are in “a good financial position” to take on a loan.
Later Tuesday, Apple will invite a small group of people to test a beta version of Apple Pay, and the company plans to expand access to all eligible users in the coming months.
When using Apple Pay to check out online or in apps on iPhones and iPads, approved users will see a “Pay Later” option. They will also be able to apply for a loan while shopping. Apple stated that purchases made with the software will be authenticated by Face ID, Touch ID, or a passcode.
Users can see the amount due for their existing loans, as well as the total amount due in the next 30 days, in Apple Wallet, according to the company. As a loan repayment method, users will be asked to link a debit card. Credit cards are not accepted.
Last modified: April 7, 2023
