Apple introduces Apple Pay Later

March 28, 2023

PRESS RELEASE

Apple introduced Apple Pay Later to allow consumers to pay for purchases over time

Apple Pay users can split purchases into four payments with zero interest and no fees

CUPERTINO, CALIFORNIA Apple today introduced Apple Pay Later in the US Designed with users’ financial health in mind, Apple Pay Later^first allows users to split purchases into four payments, spread over six weeks with no interest and no fees.² Users can easily track, manage, and repay their Apple Pay Later loans in one convenient location within Apple Wallet. Users can apply for Apple Pay Later loans ranging from $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay .³ Starting today, Apple will begin inviting select users to access the pre-release version of Apple Pay Later, with plans to make it available to all eligible users in the coming months.

“There is 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 offer users Apple Pay Later,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. . “Apple Pay Later is designed with users’ financial health in mind, so it has no fees and no interest, and can be used and managed in Wallet, making it easy for consumers to pay Make more informed and responsible borrowing decisions.”

Apply, track and manage loans seamlessly within Wallet

To get started with Apple Pay Later, users can apply for a loan in Wallet without affecting their credit.⁴ They will then be prompted to enter the amount they want to borrow and agree to the terms of Apple Pay Later. Soft credit withdrawals will be made during the application process to help ensure users are in good financial standing before taking out a loan.

Once users are approved, they’ll see the option to Pay later when they select Apple Pay when checking out online and in apps on iPhone and iPad, and can use Apple Pay Later to make purchases. After setting up Apple Pay Later, users can also apply for a loan directly during the checkout process when making a purchase.

Apple Pay Later is built right into Wallet so users can seamlessly view, track and manage all of their loans in one place. With Apple Pay Later in Wallet, users can easily see the total amount due on all their current loans as well as the total amount due in the next 30 days. They can also choose to view all upcoming payments on a calendar view in Wallet to help them track and plan their payments. Before payment is due, users will also receive notifications via Wallet and email so they can plan accordingly. Users will be asked to link a debit card from Wallet as a repayment method; To help users avoid having to take on more debt to repay, credit cards will not be accepted.

Apple Pay Later is designed with privacy and security at its core. Purchases with Apple Pay Later are authenticated with Face ID, Touch ID, or a passcode, and a user’s transaction and loan history is never shared or sold to third parties for marketing or advertising. fox.

Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple Inc., responsible for credit assessment and lending. Apple Financing plans to report Apple Pay Later loans to US credit bureaus starting this fall,⁵ so they are reflected in the user’s overall financial profile and can help promote responsible lending for both lenders and borrowers.

Mastercard and Goldman Sachs

Apple Pay Later is enabled through the Mastercard Installment program, so merchants that accept Apple Pay don’t need to do anything to roll out Apple Pay Later to their customers. When merchants accept Apple Pay, Apple Pay Later will be an option for their customers when paying online and in apps on iPhone and iPad. Goldman Sachs is the issuer of the Mastercard payment credentials used to complete Apple Pay Later purchases.

availability

Starting today, randomly selected users will be invited to get early access to the pre-release version of Apple Pay Later through Wallet and through their Apple ID email. Apple Pay Later is available in the US for online and in-app purchases on iPhone and iPad. Apple Pay Later is available with iOS 16.4 and iPadOS 16.4.

Introducing Apple
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with the iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with groundbreaking services including the App Store, Apple Music , Apple Pay and iCloud. Apple’s more than 100,000 employees are dedicated to creating the best products on earth and leaving the world better than we found it.

1. Apple Pay Later must be eligible and approved. Apple Pay Later is only available in the United States. It may not be available in all states. It is not available in US territories. Loans are made by Apple Financing LLC, NMLS #2154940. For California residents, loans are made or arranged pursuant to a license under the California Finance Code. To use Apple Pay Later, users must update their iPhone or iPad to the latest version of iOS or iPadOS. For more details about eligibility, see support.apple.com/en-us/HT212967.
2. The user’s bank may charge a fee if their debit card account has insufficient funds to repay the debt.
3. Some merchants may not be eligible to offer Apple Pay Later.
4. After purchase, a user’s Apple Pay Later loan and payment history may be reported to credit bureaus and affect their credit.
5. Apple Financing LLC may report past, present or future Apple Pay Later loans.

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