Apple Pay Later is now available to all users in the United States, after initially releasing it to a limited number of users back in March. The feature allows users to split the cost of an Apple Pay purchase into four equal payments over six weeks without interest or late fees. The company first announced the feature in June 2022 during its Worldwide Developers Conference (WWDC).
To get started with Apple Pay Later, users need to apply for a loan within the Wallet app. They will be asked to enter the amount they want to borrow and then agree to the Apple Pay Later terms. Once approved, they will begin to see a “Pay Later” option when they select Apple Pay at checkout online and in apps on iPhone and iPad.
The credit assessment and lending for Apple Pay Later is handled by Apple Financing. In terms of the merchant side of things, Apple Pay Later is enabled through the Mastercard Installments program, while Goldman Sachs serves as the issuer of the Mastercard payment credential used to complete all Apple Pay Later purchases.
With this wider launch, Apple Pay Later is now going head-to-head with buy now, pay later (BNPL) services from PayPal, Affirm, Klarna, and countless others. The feature is expected to increase user engagement and satisfaction with the app.
Apple Pay Later is now available to all users in the US, allowing users to split the cost of purchases into four equal payments over six weeks without interest or late fees. The feature is expected to increase user engagement and satisfaction with the app.