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Apple Pay Later Brings Buy Now, Pay Later to All US Customers


Apple’s “buy now, pay later” system is now accessible to all US customers, following its soft launch in March. To initiate the pay-later option and commence making equal payments over a six-week period, you need to have Apple Pay set up with an eligible debit card.

There are some limitations to this service. Pay Later is applicable only to purchases falling within the $75 to $1,000 price range, conducted on an iPhone or iPad through vendors accepting Apple Pay. Apple assures that there won’t be any interest or late fees during the repayment period. However, Apple does caution that your bank might impose extra charges if your debit card account lacks sufficient funds for loan repayments. Additionally, when you choose to finance a purchase during checkout, your Pay Later loan and payment history will be reported to credit bureaus.

Apple has provided a video tutorial explaining how to get started. You simply have to decide between paying in full through Apple Pay or choosing the pay-later option. If you opt for the latter, the tool will automatically calculate the cost of each payment every two weeks, pending approval. You’ll be required to verify your personal information and click on “Agree & Apply” to initiate the repayment plan.

Once you commence your payments, Apple provides a straightforward method for monitoring your repayment progress. The Wallet app displays your total remaining balance, upcoming and previous payments. Within this app, you have the option to set up automatic payments, change the bank or debit card used for payments, and even make early payments if desired. Additionally, Apple has integrated the calendar tool with the Pay Later feature, allowing iPhone users to conveniently view all their outstanding obligations in one place to track their progress.

With the introduction of Pay Later, Apple enters the competitive arena of digital repayment applications, joining the ranks of platforms like Afterpay, Klarna, and Affirm, which have formed partnerships with major tech players such as Amazon to expand their services. Notably, approximately three out of four US iPhone users have activated Apple Pay, according to data from the Consumer Financial Protection Bureau. The widespread adoption of Apple’s tap-to-pay feature among iPhone users positions the company to make a significant impact in this emerging market.

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