Apple introduces Apple Pay Later to its users in the U.S. This essentially allows users to split purchases into four payments, spread over six weeks with no interest and no fees. Users can apply for Apple Pay Later loans from as little as 50 USD to up to 1000 USD for online or in app purchases that support Apple Pay.
Currently, only selected users can access Apple Pay, with plans of a major rollout in the coming months. Should you want to get started with Apple Pay Later, users can apply for a loan within the Apple wallet app with no hit on their credit score. Afterwards, the user will enter the amount they would want to borrow, and a soft credit pull will be done during the application process to prove if the user is in good financial capacity for the loan approval. Once the user is approved, the pay later option will now be visible when making a purchase. In addition, users can also apply for a loan directly during checkout when making a purchase.
Merchants supporting Apple Pay do not need to implement or adjust anything since it is enabled through the Mastercard Installments program with Goldman Sachs being the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.
So Apple, are going to see this service locally?