Apple finally launches Pay Later, its service for paying for purchases directly from the iPhone

At WWDC 2022, Mansana advertising Pay later, your service for financing any purchase without interest and commissions directly from the iPhone. Since then, news about the arrival of this new feature has been expected, which from today finally available to select users.

It was known from the beginning that Apple Pay Later would only be available in the US. However, the release is much more limited than we initially thought. This was reported by representatives of Cupertino. they will invite random users take part in testing this feature in order to offer it to other eligible people in the coming months.

The good news is that apart from its limited availability, we can learn a few details about how Apple Pay Later will work. Although the overall operation was explained last June, the finer details of its implementation were yet to be known.

The Apple Pay Later service will be offered through Apple Financing LLC, a subsidiary of the California-based firm. This feature will be integrated into the iOS or iPadOS wallet and will allow users to take out a loan to finance your purchases, whether they are done through a website or an app. This means that any iPhone or iPad transaction can be paid with this method as long as the merchant accepts Apple Pay.

Apple launches highly anticipated Pay Later feature in the US

When Apple introduced Pay Later at WWDC 2022, it explained that users can finance your purchases with up to four payments spread over six weekswithout interest and commissions. One of the new things we learned today is that in order to use this feature, stakeholders they will have to take out a loan of between $50 and $1,000which they will use for their funded purchases.

The first thing for those who want to use Apple Pay Later is to access the wallet on their iPhone or iPad. From there, they will be able to apply for a loan by choosing an amount between the aforementioned limits, which the firm says “will not affect your credit.” It makes sense that Apple would check people’s credit history before approving the procedure.

Once the process is complete, the “Pay Later” option will appear at the end of the purchase from an Apple device. and allow it to be financed by borrowed funds. It is worth clarifying that with Apple Pay Later already configured, it will be possible to take a loan right at checkout check shopping, both online and in the application.

What is still not clear is how many credits each user can take. Although it makes sense to think that this will depend on your credit history and whether Apple thinks it will be able to pay the relevant payments on time before granting them.

How are loans paid?

To deal with Apple Pay Later credits, users will need to link a debit card to their wallet. The corresponding money will be deducted from there, although expiration will be notified in advance via the app and by email. Users will also be able to view and manage their payment dates from the calendar included with iOS or iPadOS Wallet.

Another point to be noted is that Apple Pay Later will no longer allow you to use credit cards to pay off borrowed amounts. In this way, Apple aims to prevent buyers from taking on new debt to meet their previous obligations.

As we said at the beginning, this new feature is only available in the US. It is unknown if the people of Cupertino have any plans for the service to ever reach other parts of the world. If the Apple Card experience is anything, it’s unlikely to say the least. Apple Pay Later requires devices to be updated to iOS 16.4 or iPadOS 16.4.