Apple has announced Apple Pay Later – a new Apple Pay service that allows users to pay off Apple Pay purchases in monthly installments with up to six weeks interest-free.
Apple Pay Later works similarly to other buy now, pay later services such as PayPal which let users spread the cost of purchases over a set period. With Apple Pay Later, users can pay in installments for in-store, online and in-app purchases, with all installment payments available to view in the Wallet app on iOS, allowing users to see their upcoming payments and remaining payment period.
Following the feature’s announcement at WWDC, Apple has now confirmed that Apple Pay Later will only be available to users in the US as launch.
“Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind,” says Apple. “Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet. Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet. Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.”