What is Apple Pay Later? Usage, Availability & More! (2023)

What is Apple Pay Later | Know The Option to Pay Less

Apple has plunged into the ring of the buy now pay later option. This week a new feature of the app has been released. Although the release will be initially for a few selected users but with time, it will spread to other users as well. However, due to a lack of information, most users are asking what is Apple Pay Later. Hence, I have curated an article on the same.

Apple also has extended its services through its financial features, which are accepted in many stores across the US. Among the list, you will also find, Culver’s, Circle K, Amazon, Qdoba, and more. All these stores accept the payment option of Apple and make their users feel safe and comfortable. Now with the Apple Pay Later option, users will be able to increase their pay scale for more products from these stores.

Read the article on What is Apple Pay Later and get to know the details now. It will help you to know the information and use them when the feature is available to you.

What is Apple Pay Later?

What is Apple Pay Later?

Apple Pay Later will be a part of Apple Pay and will help you purchase anything online and pay it in six weeks. And you can pay it in four equal installments without any interest or extra fees. You must pay the first installment on the same day of your purchase. Apple will make it available in the wallet app or in the iPhone.

Apple Pay Later will be safe to use as it is a part of Apple Pay. For making transactions through Apple Pay Later, it needs a passcode, face ID, or touch ID. Whenever you make a purchase, it will use a unique transaction code or a device-specific number.

The best part is Apple does not share your information with the merchant or store them on your device or servers. Hence, your information is safe with Apple.

Where is Apple Pay Later Available?

Initially, Apple Pay Later will be available in the U.S. And you can use it in stores where Apple Pay is used.

When Will Apple Pay Later be Available?

As per reports, Tim Cook, the CEO of Apple, the Apple Pay Later feature will be available very soon. As of now, the feature is internally tested with many retail employees.

The new financial feature of Apple was announced during the WWDC 2022’s iOS 16 keynote. Hence, there are still rumors that the company is not ready to launch the feature anytime soon. We can only wait for the feature to be available for users soon.

How Will Apple Pay Later Work?

Do not get the notion that you will be able to buy expensive items with Apple Pay Later. As we get the reports, the financial feature is limited to $1000 per transaction.

The amount you get on the feature will depend on your credit report and score. Hence, your creditworthiness will be tested. It will be based on your past purchases from the Apple store, the app store, and the device you are using. The data will also help apple pay in the identity verification of the person using the feature and also to detect any kind of fraud.

Hence, to get approval from Apple to pay, keep your scores neat and stay away from fraudulent activities.

Apple Finances LLC will fund the money of Apple Pay Later. Hence, you will not pay your money to any bank but to Apple Pay itself when you use the feature of Apple Pay later. Apple will also use Master cards to connect the customers to the merchants.

When you buy anything using Apple Pay Later, the merchant will receive a 16-digit card number which is generated by Goldman Sach. This company loans money to Apple Pay. While using Apple pay later, Goldman Sachs will show the payment was made with the new financial feature.

How to Apply For Apple Pay Later?

How to Apply For Apple Pay Later?

According to reports, if you make Apple Pay purchases or use the Apple Wallet, you can get the Apple Pay Later feature. As of now, there is no disclosure about the introduction of the feature to the user.

How Can You Use Apple Pay Later to Buy Products?

If you choose to make payments through Apple Pay Later, you get two options. One is pay in full, and the other is pay later. When you choose to pay later, you have to be eligible to continue with the process. You have to link your debit card to the service. As the feature will collect payments from the bank every two weeks. You will also have the option to remove the card from the feature whenever you feel so.

In the Wallet app, you will be able to see the number of installments you are left with. And by any chance, if you are left with more cash, you can pay the next amount even before the due date.

Difference Between Apple Pay Later vs Apple Card

Difference Between Apple Pay Later vs Apple Card

Apple Card is a credit card. Although there are no interests levied on the amount borrowed, you pay fees on the amount loaned. Apple card gives you a breathing period of 12 months to 24 months to pay off the money you have borrowed. You also get daily cashback with an Apple card.

With Apple Pay Later, you will be able to buy a product and get the option to pay later. You have to pay the exact price without any interest. The amount which you burrow will be capped. You will not be able to choose the payback period of the loan, and there will also not be any cashback perks while you use Apple Pay Later.

I believe you should use an Apple card to buy something expensive, and when you wish to purchase a smaller amount, use Apple pay later. Now the choice is yours, and you get to choose the one which you prefer.

Wrapping Up

I hope now you have all the information about what is Apple Pay Later. And you know how to use it and where to use it. So, you can make your own choice and choose the correct mode of payment. Anyhow this feature of Apple is quite amazing and would definitely encourage more customers to choose the option for making any kind of payment.

Frequently Asked Questions

What is Apple Pay Later?

Apple Pay Later will be a part of Apple Pay and will help you purchase anything online and pay it in six weeks. And you can pay it in four equal installments without any interest or extra fees.

How to use Apple Pay Later to buy products?

If you choose to make payments through Apple Pay Later, you get two options. One is pay in full, and the other is pay later. When you choose to pay later, you have to be eligible to continue with the process. You have to link your debit card to the service.

What is the Apple Pay Later limit?

As per the reports, the financial feature is limited to $1000 per transaction. You will not be able to buy expensive items with Apple Pay later.

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