Apple now allows users to pay later service with no interest & no fees; Details here

By Team Newsable | First Published Mar 29, 2023, 1:02 PM IST

Apple Inc launched its buy now, pay later (BNPL) service in the United States that will allow consumers to pay for purchases over time. The service, Apple Pay Later, will allow users to split purchases into four payments spread over six weeks with no interest or fees, the company said.

Apple has launched a service called Apple Pay Later that enables customers to divide purchases into four equal installments that are stretched out over a six-week period with no fees or interest. Users can handle their Apple Pay Later debts in one simple place in Apple Wallet, making it simple to monitor, manage, and return them.

Users can ask for loans through Apple Pay Later, which they can use to pay for online and in-app transactions made on their iPhone or iPad at shops that take Apple Pay. The programme is currently only offered in the US for payments between $50 and $1,000. The service will probably soon be introduced by the business in other nations.

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With the intention of making Apple Pay Later available to all qualified users in the upcoming months, Apple has begun inviting selected users to access a prerelease form of the service. Users can register for a loan within Wallet to start using Apple Pay Later without having their score affected. After that, they will be asked to input the sum they wish to borrow and confirm their acceptance of the Apple Pay Later conditions. A soft credit pull will be done during the application process to help ensure the user is in a good financial position before taking on the loan.

When using Apple Pay at checkout online or in apps on an iPhone or iPad after being authorized, a user will see the Pay Later choice and can use it to make a transaction. Users can ask for a credit immediately in the checkout process when making a purchase once Apple Pay Later is configured.

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The company will begin inviting some users to access a pre-release version of Apple Pay Later, and plans to offer it to all eligible users in the coming months. Users can quickly see the total amount due for all of their current debts as well as the total amount due in the following 30 days with Apple Pay Later in Wallet.

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