It appears like Apple is rolling out Pay Later to all customers within the US. As spotted by MacRumors, the purchase now, pay later service is now extensively accessible inside Apple Pockets and is featured on Apple’s homepage.
First announced in June 2022, Apple Pay Later lets customers make a purchase order after which pay for it in a collection of 4 installments over the course of six weeks with none curiosity or late charges. Should you thought the service was already out, that’s as a result of Apple initially launched it on choose iPhones and iPads in March. Customers can use Pay Afterward purchases between $75 and $1,000.
Earlier in the present day, MacRumors noticed that Apple had eliminated the point out of a “prerelease model” from Pay Later’s help paperwork, an indication that Apple had been getting near extensively releasing the service. Apple additionally mentions Pay Later in its description of Wallet on the App Store, which wasn’t there earlier this month (as proven in an archived version of the web page). The Verge reached out to Apple to verify that the service has formally launched however didn’t instantly hear again.
Regardless that Apple says Pay Later was made with “customers’ monetary well being in thoughts,” it nonetheless poses some consumer safety concerns. A latest survey from Morning Consult confirmed that 41 % of customers carry debt from purchase now, pay later providers, resembling Affirm, Klarna, and AfterPay, and that one-quarter of them missed a cost in August 2023.
Whereas Apple is handling the lending side of its Pay Later service, it’s enabled by the Mastercard Installments program. In the meantime, Goldman Sachs serves because the “issuer of the Mastercard cost credential used to finish Apple Pay Later purchases.” Nevertheless, it’s unclear if Apple should get a brand new monetary companion going ahead, as reports suggest that Goldman Sachs is in search of a manner out of its bank card and financial savings account partnership with Apple.