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After much delay, Apple finally launches Apple Pay Later

Months after unveiling a major update to Apple Pay called Apple Pay Later, which allows users to split the cost of an Apple Pay purchase into four equal payments over six weeks without interest or late fees, Apple has finally launched the feature. But not for everyone.

Starting today, Apple says it’ll begin inviting randomly selected users to access a pre-release version of Apple Pay Later, with plans to offer it to all eligible users on iOS 16.4 or iPadOS 16.4 in the coming months.

The lucky Apple Pay users who get in will be able to apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.

To get started with Apple Pay Later, users apply for a loan within the Wallet app on iOS. They’ll then be prompted to enter the amount they would like to borrow and agree to the Apple Pay Later terms. A soft credit pull will be done during the application process, Apple says, and — after a user is approved — they’ll see the Pay Later option when they select Apple Pay at checkout online and in apps on iPhone and iPad.

A user’s Apple Pay Later loan payments are shown in Wallet. A calendar view shows a user what is due for all of their loans over a 30-day period.

Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple, which is responsible for credit assessment and lending. Apple Financing plans to report Apple Pay Later loans to U.S. credit bureaus starting this fall, so they are reflected in users’ overall financial profiles.

Apple Pay Later is enabled through the Mastercard Installments program, so merchants that accept Apple Pay do not need to do anything to implement Apple Pay Later for their customers. When a merchant accepts Apple Pay, Apple Pay Later will be an option for their customers during checkout online and in apps on iPhone and iPad. Goldman Sachs is the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.

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