Apple Launches Apple Pay Later Service in the USA
Apple has announced the launch of its new Apple Pay Later service in the USA. With this service, users can take out a small loan of between $50 and $1000 that can be paid in four installments within six weeks with no interest or fees. However, this service will only be available to selected users for now.
Loan Requirements and Usage
To qualify for a loan, users must have a debit card for repayments deposited in the Apple Wallet. Credit cards are not allowed to prevent users from becoming over-indebted. The loans can only be used for online and in-app purchases on iPhone and iPad from retailers that support Apple Pay. The loans can be managed easily in the wallet app.
Selected Users Invited
According to the Apple press release, only selected users have been invited to use this service in advance. It is still unclear how many users have been invited or how those users were selected. The service may be activated for everyone in the USA in the coming months.
International Version Not Planned Yet
Apple has not yet announced whether an international version of this service is planned. Although Apple Pay is widely used internationally, other financial services such as Apple Card are limited to the USA.
Latest Software Required
To use this service, users need to have iOS 16.4 or iPadOS 16.4, which were released on Monday evening. The lender is Apple Financing LLC, a subsidiary of Apple.
In conclusion, Apple Pay Later is a new service that aims to provide small loans to users for online and in-app purchases. Although only selected users can use this service for now, the service may be activated for everyone in the coming months. However, it is still unclear whether an international version is planned or not.
