Apple launches BNPL offering Apple Pay Later in the US
Tech giant Apple has launched Apple Pay Later, its new buy now, pay later (BNPL) offering, in the US, allowing consumers to spread the cost of their purchases over time.
Apple Pay Later will allow Apple Wallet users to split their purchases into four payments spread over six weeks, with no interest and no fees. The company has so far rolled out the pre-release version to a select number of customers, with plans to offer it to all eligible users over the coming months.
Users will be able to access Apple Pay Later within the Wallet app on their iPhones and iPads, where they can apply for loans of $50 to $1,000. Apple says the firm will do a soft credit check during the application process, which it claims will not impact users’ credit scores. On approval, consumers will see the Pay Later option when they select Apple Pay at checkout for both online and in-store purchases.
To prevent people from taking on more debt to pay off loans, Apple says users will only be able to link debit cards as their loan repayment method and credit cards will not be accepted.
The firm is rolling out its new solution in partnership with Mastercard and Goldman Sachs. Reports of Apple eyeing the BNPL industry first surfaced back in 2021.