Overview

• Apple Pay Later, the tech giant's new buy now, pay later scheme, is now available to all iPhone and iPad users across the U.S, after being rolled out nationwide subsequent to a six-month limited release.
• The service enables users to break up their purchases ranging from $75 to $1,000 into four equal installments over a period of six weeks without any interest charge or late fees. However, Apple indicates that the bank linked to the user's debit card could levy additional fees if the account contains insufficient funds to repay the loan.
• Apple Pay Later loans will not impact users’ credit scores, though the loan and payment history will be shared with credit bureaus. For each purchase made through Apple Pay Later, Apple makes a soft credit pull to ensure the user's financial stability.
• Users can manage their repayments and view their total remaining balance, as well as information about upcoming and previous payments, through the Wallet app on their iPhone or iPad. Various options like tap to pay early, setting up autopay, and changing the bank or card for payments are also supported.
• The introduction of Apple Pay Later puts Apple in competition with other digital repayment apps like Afterpay, Klarna, and Affirm that have partnered with large tech corporations. Approximately three-quarters of U.S iPhone users have activated Apple Pay, a factor that could aid the company's entry into this new market.