March 28, 2023
PRESS RELEASE
Apple introduces Apple Pay Later to allow consumers to pay for purchases over time
Apple Pay users can split purchases into four payments with no interest or fees
CUPERTINO, CALIFORNIA Apple today launched Apple Pay Later in the United States. Designed with users’ financial health in mind, Apple Pay Later1 allows users to split purchases into four payments spread over six weeks with no interest or fees.2 Users can Easily track, manage and repay their Apple Pay Later loans in one convenient place in Apple Wallet. Users can apply for Apple Pay Later loans ranging from $50 to $1,000 to use for online and in-app purchases on iPhone and iPad at retailers that accept Apple Pay.3 Starting today, Apple is charging select users to access a pre-release version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.
“There is no one-size-fits-all approach to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to bring Apple Pay Later to our users,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Apple Pay Later was designed with the financial health of our users in mind, so it has no fees, no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible lending decisions.”
Apply, track and manage loans seamlessly in Wallet
To get started with Apple Pay Later, users can request a loan from within Wallet without affecting their balance.4 They will then be prompted to enter the amount they want to borrow and agree to the Apple Pay Later terms. A soft credit pulldown is performed during the application process to ensure the user is in good financial standing before accepting the loan.
After a user is approved, they’ll see a Pay Later option when they select Apple Pay at checkout online and in apps on iPhone and iPad, and can make a purchase using Apple Pay Later. Once Apple Pay Later is set up, users will also be able to apply for credit directly in the checkout process upon purchase.
Apple Pay Later is built right into Wallet, allowing users to seamlessly view, track, and manage all of their credit in one place. With Apple Pay Later in Wallet, users can easily see the total amount due for all their existing loans as well as the total amount due in the next 30 days. They can also choose to see all upcoming payments in a calendar view in Wallet to help them track and plan their payments. Before a payment is due, users also receive notifications via wallet and email so they can plan accordingly. Users are asked to link a Wallet debit card as their loan repayment method; To prevent users from taking on more debt to pay off loans, credit cards are not accepted.
Apple Pay Later is designed with privacy and security in mind. Purchases made with Apple Pay Later are authenticated with Face ID, Touch ID, or passcode, and users’ transaction and rental history is never shared or sold to third parties for marketing or promotional purposes.
Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple Inc., which is responsible for credit rating and lending. Apple Financing plans to report Apple Pay Later loans to US credit reporting agencies5 starting this fall so they can be reflected in users’ overall financial profiles and help promote responsible lending for both the lender and the borrower .
Mastercard and Goldman Sachs
Apple Pay Later is enabled through the Mastercard Installment Program, so merchants who accept Apple Pay do not need to do anything to implement Apple Pay Later for their customers. When a merchant accepts Apple Pay, Apple Pay Later will be an option for their customers while checking out online and in apps on iPhone and iPad. Goldman Sachs is the issuer of the Mastercard proof of payment used to complete Apple Pay Later purchases.
Availability
Starting today, randomly selected users will be invited to get early access to a 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.
About Apple
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple is the world leader in innovation with the iPhone, iPad, Mac, Apple Watch and Apple TV. Apple’s five software platforms – iOS, iPadOS, macOS, watchOS and tvOS – offer seamless experiences across all Apple devices and empower people with groundbreaking services like the App Store, Apple Music, Apple Pay and iCloud. Apple’s more than 100,000 employees are committed to making the best products in the world and leaving the world better than we found it.
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