On the 28th of March, 2023, Apple announced the launch of a new service that will allow Apple users in the United States to purchase Apple products and pay later. The new service, Apple Pay Later, will enable US users to get a loan and purchase Apple products. According to the tech company, this new service was created with the financial state of Apple users in mind. Apple noted the increasing inflation in the US and how it affects its users.
Apple Pay Later's release date was on the date of its announcement, and it comes without interest for the loans. Apple’s Pay Later limit is from $50 to $1,000 as of now. The tech giant might increase Apple’s Pay later limits depending on the service's success. These loans provided by Apple will not only be used to purchase Apple products. Its services will also be included in the deal. In-app and other online purchases will be added to the eligible services list. Payments using Apple Pay Later can only be made to merchants that support payments from iPhone or iPad.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said they were excited to provide a means through which their customers can meet up with their finances. She termed the new Apple Pay Later as a flexible payment option that will significantly improve the lives of their customers. "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. 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,'' Jennifer Bailey said.
Random Users to Get Selected for Apple Pay Later
In their press release, Apple noted that random users would be selected to use and access a prerelease version of Apple Pay Later. As part of the plans, the Apple Pay Later release date would be months after the tests. After testing the pre-released version of the service, it would now become available for every eligible user.
"Starting today, randomly selected users will be invited to get early access to a prerelease version of Apple Pay Later via Wallet and through their Apple ID email. Apple Pay Later is available in the U.S. for online and in-app purchases on iPhone and iPad. Apple Pay Later is available with iOS 16.4 and iPadOS 16.4," Apple said in their press release.
How To Use Apple Pay Later
The steps to using Apple Pay Later are pretty simple, according to their instructions. Those interested in using the service can apply for a loan in the Wallet and wait for approval.
According to Apple, the loan won't affect the users' credit, and they won't be required to pay any interest fee before and after the loan. Once approved, users can now use the option for Apple Pay Later whenever they are making a transaction.