Apple Pay Later Soft Launches

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Last updated on September 6th, 2023

Buy Now, Pay Later services enjoyed huge growth during the pandemic. With nearly every major lender getting in on the action, it’s no surprise that Apple has just soft-launched its own service. Here’s everything you need to know about it, and how to use it:

Apple Launches Pay Later Service to Select Users

Apple is now offering its long-rumored Buy Now, Pay Later (BNPL) service, Apple Pay Later, to random iPhone and iPad users as a pre-release test. It makes Apple the latest in a long line of lenders looking to profit from one of the fastest-growing ways to finance purchases.

Apple Pay is offered by Apple Financing and is enabled through the Mastercard Installments program. Because of this, merchants that accept Apple Pay do not need to do anything to implement the new service for their customers.

How to Use Apple Pay Later

The  service is built directly into Apple Wallet. Users can easily view their total balance due and all upcoming payments on a calendar view. Even better, users receive notifications on their phones when a payment is due. This integration allows users to seamlessly view, track, and manage all of their loans in one place, which can be handy in avoiding missing payments.

To use it, users apply for a loan through their Wallet. To apply, enter the amount you’ll want to borrow before a soft credit pull checks your eligibility. If approved, simply use Apple Pay and select “Pay Later” on checkout. Once Apple Pay Later is set up, there’s no need to repeat the process – apply for a loan directly at checkout.

What Information Do You Need to Apply?

So, what information do you need to apply for a BNPL loan through Apple’s new service? Here’s who is eligible:

  • 18 years of age or older
  • US citizenship or a lawful resident with a valid, physical US address that is not a PO Box
  • US state driver’s license or state-issued ID
  • iOS 16.4 or iPadOS 16.4 on your Apple device

“Make Informed and Responsible Borrowing Decisions”

“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, Apple VP of Apple Pay and Apple Wallet, in a statement. “Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest. It can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”

Related Article: Experts Warn of Buy Now, Pay Later (BNPL) Dangers

Featured image by Firmbee/PixaBay

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About: Cory Santos
Cory Santos

Cory is the senior credit card editor at BestCards, specializing in everything credit card-related. He’s worked extensively with credit cards and other personal finance topics, including nearly five years at BestCards. Cory’s extensive knowledge is an essential part of the BestCards experience, helping readers to live their best financial lives with up-to-date insights and comprehensive coverage of all facets of the credit card space, including market trends, rewards guides, credit advice, and comprehensive credit card reviews.

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