Apple Pay Later, initially introduced in June 2022, has now been fully rolled out to all iPhone users in the United States. Previously in “early access,” this buy now, pay later (BNPL) service is set to make waves in the payment industry, offering simplicity and convenience to qualified buyers. In this article, we’ll explore the features and benefits of Apple Pay Later and how it’s reshaping the way consumers manage their finances.
The Evolution of Apple Pay Later
Apple Pay Later was initially announced with high expectations in 2022, aiming to tap into the BNPL market popularized by companies like Affirm and Klarna. However, instead of a full-fledged launch, Apple opted for a soft launch at the end of March, positioning it as an “early access” offering. This staggered release allowed Apple to refine the service based on user feedback and ensure a seamless experience.
How Does Apple Pay Later Work?
Apple Pay Later is designed with simplicity in mind. Qualified buyers can split a purchase into four equal payments. The process begins with an initial payment due at the time of purchase, followed by three additional payments made every 14 days over a span of six weeks. One of the key advantages of Apple Pay Later is that it imposes no interest on qualified transactions, making it an attractive payment option.
What’s New in the Rollout?
As of now, Apple Pay Later is available to all iPhone users in the United States. If you haven’t yet encountered this feature, you should now see it when making Apple Pay transactions. It’s important to note that Apple Pay Later is distinct from Apple Card, offering users a different payment option.
Apple is actively promoting Apple Pay Later on its official website, signaling its commitment to making this service readily accessible to its user base.
How to Get Started with Apple Pay Later
To get started with Apple Pay Later, follow these simple steps:
- Open the Wallet app on your iPhone or iPad.
- Tap the plus button located at the top of the screen.
- Look for the new menu option that reads “Set Up Apple Pay Later” and tap on it to initiate the setup process.
Once you’ve completed these steps, you’ll be ready to use Apple Pay Later for your purchases.
Benefits of Apple Pay Later
Apple Pay Later offers several benefits that make it an appealing choice for consumers:
- Flexible Payments: Users can conveniently split their payments into four equal installments, spreading the financial burden over six weeks.
- Interest-Free: Unlike traditional credit options, Apple Pay Later imposes no interest or fees on qualified transactions, ensuring that users pay only the purchase amount.
- Wide Acceptance: Apple Pay Later can be used on “millions of apps and websites that accept Apple Pay,” providing users with a broad range of options.
- Financial Health: Apple Pay Later takes users’ financial well-being into account by conducting soft credit pulls to assess their financial situation. These checks do not impact users’ credit scores.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, emphasized the user-centric approach of Apple Pay Later. She stated, “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. 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 Apple Pay Later now available to all U.S. iPhone users, Apple is offering a convenient and flexible payment option that aligns with users’ financial well-being. The absence of interest and fees, coupled with its widespread acceptance, positions Apple Pay Later as a compelling choice for consumers seeking a responsible and accessible way to manage their purchases. As the payment landscape continues to evolve, Apple Pay Later represents a significant step forward in providing users with greater financial flexibility and control.
