Apple Pay Later is finally available in the US, but only with an invite
It took nearly a year, but Apple's no-interest payment system is here. The company has launched Apple Pay Later for US customers in a "prerelease" version that requires an invitation. If you're included, you can split your online Apple Pay purchases (made with an iPhone or iPad) into as many as four payments spread over six weeks. You can't apply for loans larger than $1,000 and have to link a debit card, but there are no fees. This also won't hurt your credit score, and Apple says it won't share data with third-party marketers.
Apple Pay Later is part of the Wallet app in iOS 16.4 and iPadOS 16.4, and includes a calendar to help you track your next instalment. You'll also get app-based and email notifications for looming payments to be sure you're on time.
The feature should reach every eligible user in the "coming months," Apple says. Businesses that use Apple Pay don't need to do anything on their end — if you can use Pay Later, you'll see the option during checkout either on the web or in apps. Apple will report Pay Later loans to American credit bureaus starting in the fall, and hopes they'll "promote responsible lending" for both borrowers and lenders.
Developing...
This article originally appeared on Engadget at https://www.engadget.com/apple-pay-later-is-finally-available-in-the-us-but-only-with-an-invite-161503288.html?src=rss[original story: Engadget]