Apple Pay Later, the company’s version of the buy now, pay later (BNPL) business, is now officially available.
Users will be able to apply for Pay Later loans between $50 and $1,000 via the program, and they will be able to return those loans in four equal payments over the period of six weeks with no interest or fees.
According to Apple, a prerelease version of Apple Pay Later will also be made available to a select group of customers before it is made available to everyone in the coming months.
The chosen Apple Pay customers will have the opportunity to apply for loans from $50 to $1,000 through Apple Pay Later, which they may use to pay for online and in-app purchases made on their iPhone and iPad with merchants that accept Apple Pay.
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“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’s vice president of Apple Pay and Apple Wallet. “Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”
With the introduction, Apple is now prepared to compete in the buy now, pay later market with companies like Affirm, Klarna, and Afterpay.
Future loan payments can be monitored and managed in the Wallet app for Apple users. The company claims that any loan application may be made through the app without having an influence on credit.
According to the firm, retailers that accept Apple Pay do not need to take any action to use Apple Pay Later for their consumers because the feature is enabled through the Mastercard Installments program.
Although Apple lacks the authorization to directly issue payment credentials, Goldman Sachs, with whom Apple collaborated to launch its credit card in 2019, would assist in enabling Apple Pay Later by giving Apple access to Mastercard’s network.
Just prior to Apple’s unveiling last year, Jamie Dimon, chief executive of JPMorgan, stated that he considered Apple to be a significant long-term rival. “That’s a bank . . . If you move money, hold money, manage money, lend money, that’s a bank. There’s a lot of competition coming.”