Apple Pay Later is finally available in the US, but only with an invite | Engadget

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It is taken practically a yr, but Apple’s pay-for-life system is right here. The corporate launched Apple Pay Later for US clients in an “advance” model that requires an invitation. If you happen to’re included, you possibly can cut up your Apple Pay on-line purchases (made with your iPhone or iPad) into 4 funds over six weeks. You may’t apply for loans over $1,000 and should hyperlink a debit card, but there aren’t any charges or curiosity. It additionally will not harm your credit score rating, and Apple says it will not share the information with third-party entrepreneurs.

Apple Pay Later is a part of the Pockets app in iOS 16.4 and iPadOS 16.4 and features a calendar that will help you observe your subsequent fee. You will additionally obtain in-app and e mail alerts for unscheduled funds to ensure you’re on time.
In response to Apple, the function ought to attain each eligible person in the “coming months.” Companies utilizing Apple Pay do not must do something themselves due to the Mastercard partnership — for those who’re eligible for Pay Later, you will see that choice when paying on-line or in apps. Beginning this fall, Apple will report Pay Later loans to U.S. credit score bureaus and hopes they’ll “promote accountable lending” for each debtors and lenders.

Apple first introduced Pay Later at WWDC 2022 and was rumored to be engaged on the choice in 2021. It was supposed to seem with iOS 16 in September, but BloombergMark Gurman heard that it was delayed because of technical issues. The corporate has not formally defined the expectations.

Phased fee techniques are definitely not new. Corporations like Affirm and Klarna have been round for some time and should not tied to particular platforms. Nevertheless, Pay Later is a major extension of Apple’s monetary ambitions. It already gives a bank card (managed by Goldman Sachs) and cash transfers, and plans to supply financial savings accounts. Now the firm decides on lending. Whereas Apple is nonetheless removed from a financial institution, it might simply play an essential position in your monetary life.

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