Payments
Apple intros buy now, pay later
March 29, 2023
Apple has officially introduced Apple Pay Later to allow users to split purchases into four payments over six weeks with no interest or fees. They can repay these loans in their Apple Wallets, according to a press release.
Users can apply for loans between $50 to $1,000 for online and in-pay merchants. They can apply for these loans within the Wallet app with no impact on their credit scores.
"There's no one-size-fits-all approach when it comes to how people manage their finances," Jennifer Bailey, VP of Apple Pay and Apple Wallet, said in the release. "Many people are looking for flexible payment options, which is why we're excited to provide our users with Apple Pay Later. Apple Pay Later was designed with our users' financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions."
The feature goes through the Mastercard Installments program so merchants don't need to do any extra labor to integrate Apple Pay Later. Goldman Sachs provides the Mastercard payment credentials to complete purchases.
Apple Pay Later authenticates purchases with Face ID, Touch ID or passcode, and it does not share information with third parties.
