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Apple has begun rolling out a pre-release version of Apple Pay Later to randomly selected iPhone users, according to reports from tech enthusiast Will Sigmon. The new feature is built into the Wallet app and offers a “buy now, pay later” option for qualifying customers, allowing them to split a purchase made with Apple Pay into four equal payments over six weeks, with no interest or fees.
Users who have been selected for early access to Apple Pay Later will see an “Early Access” banner in the Wallet app, with a notification sent to their Apple ID email. To be eligible, users must be 18 years or older and a U.S. resident with an iPhone updated to iOS 16.4 or later. While there is no way to force an invitation, Apple has stated that it plans to offer the feature to all eligible users in the coming months.
Apple Pay Later allows iPhone users to apply for a loan ranging from $50 to $1,000 directly within the Wallet app. The loan application process involves a soft credit check and does not impact the user’s credit score. If approved, users can access Apple Pay Later as a payment option when making purchases with Apple Pay.
Users can view, track, and manage their loans in the Wallet app, with upcoming payments shown on a calendar and reminders sent via both the Wallet app and email. To repay the loan, users must set up a debit card as the repayment method, as credit cards are not accepted.
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Apple Pay Later’s credit assessment and lending are handled by Apple Financing LLC, a subsidiary of Apple. The service is based on the Mastercard Installments program, so merchants that accept Apple Pay do not need to take any additional steps to implement the feature.
At present, Apple has not disclosed whether Apple Pay Later will be available in other countries beyond the U.S.