Apple is today starting the roll out of its new Apple Pay Later service, which will allow users to split purchases into four payments, spread over six weeks with no interest and no fees through Apple Pay.
Announced last year, Apple Pay Later will work similarly to other buy now, pay later services such as PayPal that let users spread the cost of purchases over a set period.
Users are able to track, manage, and repay their Apple Pay Later loans in one location in Apple Wallet. Users can apply for Apple Pay Later loans of $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.
With Apple Pay Later, users will be able to 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.
Apple Pay Later is enabled through the Mastercard Installments program, so merchants that 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 during checkout online and in apps on iPhone and iPad. Goldman Sachs is the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.
Starting today, randomly selected users will be invited to get early access to a prerelease version of Apple Pay Later via Wallet and through their Apple ID email. Apple Pay Later is available in the U.S. for online and in-app purchases on iPhone and iPad. Apple Pay Later is available with iOS 16.4 and iPadOS 16.4.