This morning, Apple finally launched the long-awaited feature Apple Pay Later.
Apple Pay Later was first announced at WWDC last year and it enables users to take out loans of $50-1,000 and then make payments on those purchases once every two weeks for a six-week period. There are no interest or fees associated with the payments.
Right now, it is being allowed through online and in-app purchases made through the iPhone and iPad with businesses that accept Apple Pay.
Apple also said that starting today, the company will be inviting a select number of users to “access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.”
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said it will be good for Apple Pay users, overall, and that their financial health is at the core of the feature.
“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,” she said. “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.”
Managing loans and payments is all done through the Wallet app. There is a calendar view users can see so they can visually see exactly when on the calendar when they need to make a payment. Users will also receive a notification through the Wallet app and their email when a payment is due. Payments are managed by the Mastercard Installment Program.
Apple Pay Later itself is managed by Apple Financial LLC, which is a subsidiary of Apple Inc. It is available for users on iOS 16.4 and iPadOS 16.4.