Apple announces launch of Pay Later service

29.03.2023 | 09:25 Home / News / Fintech /
#Apple #Pay Later #BNPL
Apple has launched Pay Later service allowing users make purchases in installments. Russian Forbes reports that this is said in the company’s news release.

The service, which Apple first announced during WWDC last year, was supposed to debut with iOS 16 (released in September 2022); however, later Apple stated that the rollout is delayed due to technical issues.

Pay Later allows users to apply for Pay Later loans of $50 to $1,000 and then repay those loans through four payments over the course of six weeks with no interest or fees. They will receive notifications when payment is due.

The service is available within Apple Wallet and only in the US and for online and in-app purchases on iOS 16.4 and iPadOS 16.4. Not everyone can access the service today, however. Apple says “randomly selected” users will receive invites to obtain early access to Apple Pay Later.

The Verge reports that this is the first time that Apple is handling the financial side of things by itself. As noted by Apple, the Pay Later program is managed by a new subsidiary, Apple Financing LLC.

Apple said that users can apply for a loan within the Apple Wallet “with no impact to their credit,” but, The Verge revealed that the Pay Later loan and payment history may be reported to credit bureaus.



The company’s move into the buy now, pay later (BNPL) space is designed to further grow its services business, Yahoo Finance writes. Apple’s second largest revenue generator, services raked in $78.1 billion of the company’s $394.3 billion in revenue in 2022. The iPhone, Apple’s breadwinner, accounted for $205.4 billion.

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