Apple Finally Launches Much-Awaited 'Pay Later' Service: Here's Everything You Need To Know

After a significant delay, Apple Inc. AAPL has finally launched its “Apple Pay Later” service in the U.S.

What Happened: Apple has released its service resembling the “buy now, pay later” style, allowing consumers to split any Apple Pay purchase into four equal installments over six weeks without paying additional interest or fees.

See Also: Apple Releases iOS 16.4 Version: What You Need To Know Before Updating

Consumers can track, manage and repay their Apple Pay Later loans from iPhone‘s Wallet app and borrow $50 to $1000. 

Users will be asked to link a debit card from Wallet as their loan repayment method, but credit cards won’t be accepted. 

The tech giant is inviting “randomly select users” to access a pre-release version of Apple Pay Later and plans to offer it to all “eligible users” soon. The service is available with iOS 16.4 and iPadOS 16.4.

“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

Apple Pay Later is currently available in the U.S., but only in some states. 

Why It’s Important: Apple’s “buy now, pay later” was first announced in June 2022. 

Apple will be funding the Apple Pay Later loans through its subsidiary, Apple Financing LLC.

Previously, it was reported that Apple’s Pay Later service would select borrowers based on their spending history. It will also take cognizance of which company devices they own, whether they have applied for an Apple Card and the other cards linked to their Apple Pay accounts.

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