The pre-release version of Apple Pay Later is gradually reaching more iPhone users, according to tech enthusiast Will Sigmon. This “buy now, pay later” feature, integrated into the Wallet app, enables eligible customers to divide their Apple Pay purchases into four equal installments over six weeks, with zero interest or fees.
Increasing access to Apple Pay Later
Selected iPhone users will see an “Early Access” banner for Apple Pay Later in the Wallet app. There is no known method to request an invite, but those interested in trying Apple Pay Later must be U.S. residents, aged 18 or older, and have updated their iPhone to iOS 16.4 or later.
Apple Pay Later early access started in late March, with Apple planning to offer the feature to all eligible users “in the coming months.”
iPhone users can apply for a loan ranging from $50 to $1,000 in the Wallet app without affecting their credit score. After specifying the desired loan amount and agreeing to Apple Pay Later terms, a soft credit check will be initiated. Once approved, users can select Apple Pay Later as a payment option when using Apple Pay.
Managing Apple Pay Later
In the Wallet app, users can view, track, and manage loans. Upcoming payments appear on a calendar, and payment reminders are sent via the Wallet app and email. Users must set up a debit card as the loan repayment method since credit cards are not accepted.
Apple Financing LLC, an Apple subsidiary, handles credit assessment and lending for Apple Pay Later. The service is based on the Mastercard Installments program, so merchants that accept Apple Pay don’t need to take any action to implement it. Apple has provided a series of support documents with further information.
There is currently no information on whether the feature will be launched in other countries.
