Apple today announced the launch of Apple Pay Later in the United States. The service allows users to pay for their purchases in four installments spread over six weeks without interest or fees. Users can easily track, manage and repay loans within the Apple Wallet application.
Users can apply for Apple Pay Later loans in amounts ranging from $50 to $1,000, and these loans can be used for online and in-app purchases on iPhones and iPads.
And Apple stated that it will start from today by inviting some users to access the trial version of the service, with plans to present it to all users in the coming months.
“Lots of people are looking for flexible payment options, and that’s why we’re excited to bring Apple Pay Later to our users,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. “Apple Pay Later is designed with the financial safety of our users in mind, so there are no fees or interest, and the service can be used and managed within the Wallet app, making it easier for users to make responsible borrowing decisions.”
And Apple stated that users can start using the new installment service by requesting a loan within the Wallet application without affecting their credit rating. The user must enter the amount he wishes to borrow and agree to the terms of service that check the user’s financial situation to ensure that he is in a good financial position before accepting the loan. After approval, the user will see the Pay Later option when selecting Apple Pay as an online and in-app payment method.
Users can use the Wallet app to see the total amount due for all of their current loans, as well as the total amount due over the next 30 days. They can also choose to view all upcoming payments on a calendar within the Wallet app to help them track and plan their payments. Before the payment is due, users will receive reminder notifications via the app and email.
Apple said that it designed Apple Pay Later on the basis of privacy and security, as purchases are authenticated through a fingerprint, face, or passcode, and it also confirmed that it will not share or sell transaction and loan records with third parties for marketing or advertising purposes.