After months of anticipation, Apple has finally released Apple Pay Later, a big addition to Apple Pay that allows customers to split the cost of an Apple Pay transaction into four equal payments over six weeks without interest or late fees. But, this isn’t the case just yet for everyone.
Apple has announced that it would begin inviting a subset of users to try out Apple Pay Later today, with plans to roll out the feature to all “qualified” users running iOS 16.4 or iPadOS 16.4 in the coming months. Earlier this year, Bloomberg reported that technical and engineering challenges have delayed the rollout of Apple Pay Later, which had been scheduled to launch with iOS 16.
Do you know that Apple looks to be making progress in its long-running effort to integrate blood glucose monitoring into the Apple Watch? According to Bloomberg sources, the company’s no-prick monitoring is currently at the “proof-of-concept stage” and is sufficiently effective that it might hit the market once it is scaled down-
Apple Pay Later loans of up to $1,000 will be made available to a small group of Apple Pay users, who can then utilize the funds to make purchases from the App Store and other Apple Pay-accepting retailers on their iPhones and iPads.
Apple Pay Later loans can be applied for directly in the iOS Wallet app. The borrower must next specify the desired loan amount and accept the Apple Pay Later terms. According to Apple, after a user is accepted, they will be able to use Apple Pay using the “Pay Later” option at checkout when using their iPhone or iPad. This is all accomplished through a “soft credit pull” during the application process.
The Wallet app keeps track of a user’s loan payments made using Apple Pay Later. A user’s monthly loan payments are shown up in a calendar format.
Apple has finally made Apple Pay available. You can also watch the videos that are provided below-
Technically, Apple isn’t the one to offer Apple Pay Later. Instead, Apple Finance, a wholly-owned company, is in charge of the credit assessment and lending; beginning this fall, it will begin reporting Apple Pay Later loans to U.S. credit bureaus. For businesses, Apple Pay Later is facilitated by Mastercard’s Installments program, and the Mastercard payment credential used to execute Apple Pay Later purchases is issued by Goldman Sachs.
Apple Pay Later competes with similar services offered by other companies, such as PayPal, Affirm, Klarna, Sezzle, and many more. The BNPL might be valued at as much as $39.41 billion by 2030, according to Grand View Research.
To wit, BNPL hasn’t lost any of its immense consumer bases. As of March 2021, more than 51% of Americans reported using a BNPL service. And Accenture predicts that by 2021, there will be 45 million BNPL users in the United States.
Nonetheless, authorities’ scrutiny of BNPL goods is growing since some claim the BNPL business model is excessively dangerous. More than a third of people who used a BNPL plan last year said they were late on payments, according to a survey by Credit Karma.
Apple VP of Apple Pay and Wallet Jennifer Bailey said in a press release-
“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.”
“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.”
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