IPhone manufacturer Apple introduced its buy now, pay later option known as “Apple Pay Later” on Tuesday. This service will enable customers to split their purchases into four installments that may be spread out over a period of six weeks without incurring any interest charges or additional costs.
Customers have the ability to request for loans ranging from $50 to $1,000, the funds from which can be used to make purchases online and within apps on the iPhone and iPad from retailers who support Apple Pay. Apple will begin asking chosen customers to access a prerelease version of Apple Pay Later starting today, with plans to give it to all qualified users in the coming months.
The invitations to access the prerelease version will begin today. Jennifer Bailey, the vice president of Apple Pay and Apple Wallet at Apple, has stated that “there is no one-size-fits-all strategy” when it comes to the way in which individuals manage their personal funds. “A lot of people are looking for flexible payment choices, and that’s why we’re thrilled to be able to offer Apple Pay Later to our users,” said Apple.
To get started with the new service, customers can make an application for a loan directly from their wallet, which will not have any bearing on the customers’ credit ratings. After that, customers will be invited to input the amount that they would want to borrow as well as agree to the terms of Apple Pay Later.
Throughout the application process, a soft credit draw will be performed on the user in order to assist in ensuring that the user is in a healthy financial position prior to taking on the loan.
After a user has been verified, they will be able to utilize Apple Pay Later to make purchases after the Pay Later option becomes available to them when they select Apple Pay during the checkout process in an app or online store that accepts Apple Pay.
Users will be able to submit an application for a loan straight during the checkout process of making a purchase once Apple Pay Later has been set up. The business stated that users will be able to access, track, and manage all of their loans in a single location thanks to the integration of Apple Pay Later into Wallet.