At WWDC 2022, Manzana advertisement Pay Later, your service to finance any purchase, without interest or commissions and directly from the iPhone. Since then, news about the arrival of this new function have been expected, which from today finally available for selected users.
From the beginning it was known that Apple Pay Later would only be available in the United States. However, the release is much more limited than we would have initially imagined. Those from Cupertino reported that they will invite some random users to join in testing this feature, with a view to offering it to the rest of the eligible people in the coming months.
The good thing is that, beyond its limited availability, we can know various details about how Apple Pay Later will work. Although the general operation had been explained in June of last year, 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 Californian firm. The feature will appear 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 within an application. This means that any transaction from an iPhone or iPad can be paid using this method, as long as the merchant accepts Apple Pay.
Apple launches its long-awaited Pay Later feature in the United States
When Apple introduced Pay Later at WWDC 2022, it explained that users could finance your purchases in up to four payments distributed over a period of six weeks, without interest or commissions. One of the novelties that we learned today is that, in order to use this feature, interested parties they will have to take out a loan of between 50 and 1,000 dollarswhich is the one they will use to face their financed purchases.
The first thing that those who want to take advantage of Apple Pay Later will have to do is access the Wallet on their iPhone or iPad. From there they will be able to apply for the loan —choosing an amount between the aforementioned limits—, which, according to the firm, “will not have an impact on your credit.” Logically, Apple will carry out a review of people’s credit history before approving the procedure.
Once the process is complete, the Pay Later option will appear at the end of a purchase from an apple device and will allow it to be financed with the borrowed money. It is worth clarifying that, when Apple Pay Later is already configured, it will be possible to take a loan directly when making the checkout of a purchase, both online and in app.
What is not yet clear is how many credits can each user take. Although it makes sense to think that this will depend on your credit history, and whether Apple considers that it will be in a position to face its respective payments on time before granting them.
How are the loans paid off?
To face the payment of Apple Pay Later loans, users will be required to link a debit card to their Wallet. From there the corresponding money will be deducted, although expirations will be notified in advance through the application and by email. Users will also be able to view and manage their payment dates from the calendar included in the iOS or iPadOS wallet.
Another point to note is that Apple Pay Later will no longer allow credit cards to be used to repay borrowed amounts. In this way, Apple seeks to prevent buyers from taking on new debts to meet their previous obligations.
As we said at the beginning, this new feature is only available in the United States. It is unknown if those of Cupertino plan for the service to reach other parts of the world at some point. If the Apple Card experience is anything to go by, it’s unlikely to say the least. Apple Pay Later requires devices updated to iOS 16.4 or iPadOS 16.4.