Apple launched Apple Pay Later service

On 28/03/2023, Apple Inc. officially launched Apple Pay Later in the United States, introducing a buy now, pay later service integrated directly into Apple Wallet. The feature allowed eligible users to split purchases into four equal payments over six weeks with no interest and no fees. Apple rolled out the service initially to a limited number of invited users, with broader availability planned over time. Apple Pay Later could be used for online and in app purchases made on iPhone and iPad where Apple Pay was accepted. At launch, users could apply for loans ranging from $50 to $1,000. Applications were completed within Apple Wallet, where users could view payment schedules, upcoming installments, and balances. Apple stated that approval involved a soft credit pull that did not affect a user’s credit score. Repayments were required to be made using a linked debit card, and credit cards were not accepted, a measure Apple said was designed to prevent users from taking on additional debt. The service automatically divided the total purchase into four payments, with the first due at the time of purchase and the remaining three scheduled every two weeks. Apple Pay Later operated through the Mastercard Installments program, with Goldman Sachs serving as the issuer of the Mastercard payment credential used for transactions. Apple Financing LLC, a subsidiary created by Apple, handled credit assessment and lending for the service. The launch expanded Apple’s financial services offerings within Apple Pay and Apple Wallet, following earlier features such as Apple Card and Apple Cash. Apple also noted that users would receive notifications for upcoming payments and could manage loans directly in Wallet without needing third party apps.