Apple launched Tuesday Apple Pay Later, a buy now, pay later feature that allows users to split purchases into four payments over the course of six weeks.
For now, the service will be available only to randomly selected users who will get early access to a prerelease version of Apple Pay Later. Apple plans to offer the feature to all eligible users “in the coming months.”
“Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions,” Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said in a statement.
How do I use Apple Pay Later?
Apple Pay users 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 on their iPhone or iPad.
To get started, users can apply for a loan within the Wallet app on iOS. They will then be prompted to enter the amount they want to borrow and agree to the Apple Pay Later terms.
