October 3, 2023

Apple introduced on tuesday Apple Pay LaterWhich will allow users to split purchases into four payments over the course of six weeks.

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Voicewhich also offers buy now, pay later software, closed down 7% on the news.

Apple Pay Later users will be able to manage, track and repay their loans in their Apple Wallet, the company said in a release, Individuals can apply for Apple Pay Later loans of between $50 and $1,000 and use them for in-app and online purchases made through merchants that accept Apple Pay. There is no interest and no fee in the payment.

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The MasterCard installation program enables Apple Pay later, so merchants that already accept Apple Pay will not need to make any changes to implement the software for their customers.

Apple said users can apply for loans from within the Apple Wallet app without affecting their credit scores. Once they select the amount they want to withdraw, a soft credit pull will be conducted to ensure that they are “in a good financial position” to avail the loan, according to the release.

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Apple will invite select people to use a pre-release version of Apple Pay on Tuesday, and the company said it plans to expand access to all eligible users in the coming months.

Approved users will see a “Pay later” option when using Apple Pay to check out online and in apps on iPhone and iPad. They will be able to apply for the loan at the time of checkout itself. Apple said purchases using the software would be authenticated using Face ID, Touch ID or a passcode.

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The company said that users can see the amount due for their existing loans as well as the total amount due in the next 30 days in Apple Wallet. Users will be asked to link the debit card as their loan repayment method. Credit cards will not be accepted.

A Confirm spokesperson said, “More transparent and flexible payment options that can displace credit cards are good for consumers – especially when they don’t have any late or hidden fees.”