Apple introduces Pay Later service: Who can use it?

March 29, 2023  09:34

Apple has launched the Pay Later service, which enables to pay for purchases in installments. Instead of paying the amount at once, the user can now divide it into four payments within six weeks, and without interest or commissions.

Within the framework of Apple Pay Later, credit can be in the range of $50 to $1,000, which can be used to make online and in-app purchases using iPhones and iPads from sellers that accept Apple Pay.

The Apple Pay Later service is located in the Wallet app and is accessible on devices running iOS and iPadOS 16.4. But for now, only a limited number of users in the US can use this service. In the coming months, all US users will get access to this service, but it is not known when it will arrive in our region.

Apple-Pay-Later.jpg (144 KB)

According to Apple, using this service will affect the user's credit history. And in some cases, the company can transfer the data to financial organizations.

Pay Later was announced last year at the WWDC event. The release of the service was supposed to take place together with the release of iOS 16.4, but due to some technical difficulties, Apple had to delay it a little.

Previously, Apple provided financial services within the framework of cooperation with the Goldman Sachs bank.

Pay Later has become Apple's first independent product. Its financial part is handled by the subsidiary Apple Financing LLC, which also assesses the solvency of users.

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