Apple Pay Later launches in the US

Apple Pay Later is a Buy Now, Pay Later (BNPL) feature that allows users to divide purchases into four payments over six weeks, with no interest or fees. Customers can track, manage, and repay their loans in the Apple Wallet, with the capability being available for qualified purchases between USD 75 and USD 1000. Initially, the minimum purchase amount was USD 50, however, Apple raised it to the current USD 75. Purchases can be made either on iPhone or iPad on the majority of websites and apps that accept Apple Pay.

According to Apple, customers can apply for a loan within the Apple Wallet with no impact on their credit score, with every purchase consisting of a separate loan and requiring a new application. Before making a purchase, users can see their four new payments together with the other upcoming Apple Pay Later payments. This offers users an overall view of their expenses, so they have full visibility and control. Payments can either be completed automatically or manually at the user’s chosen time. Apple also sends reminders as the due dates for the payments approach and users can access all their payment information in the Apple Wallet.

Apple also introduced a calendar tool that automatically tracks the user’s progress, providing them with an at-a-glance look at what amounts they owe and when payments are due to be made. Moreover, the company maintained high-security standards, integrating features like Face ID, Touch ID, and a passcode, aiming to ensure that the user is the only one making an Apple Pay Later purchase on their iPhone or iPad.

US residents over 18 years old can access the new feature, with them being required to set up a debit card as a loan repayment method. Currently, Apple Pay Later is not available in Hawaii, New Mexico, Wisconsin, and the US territories.  

At the beginning of October 2023, Apple Wallet’s additional integration allowed it to show the card’s details and transaction history for Discover US credit card customers. By tapping on a transaction, the new functionality allows the deep link into the Discover app or website, so users can take action accordingly. At the time of the announcement, the integration was planned to be introduced as part of the iOS 17.1 developer beta 3.

During the same period, the Apple Wallet also extended support for PayPal and Venmo credit and debit cards. Customers who add their PayPal and Venmo cards to their Apple Wallet can pay with a tap of their iPhones or Apple Watches in-store, online, or on their preferred apps using Apple Pay. 

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