Apple recently launched its own ‘Buy Now, Pay Later’ service in the US. This service, called Apple Pay Later, allows users to purchase products and services with a deferred payment option, making it easier for customers to buy what they want and pay for it later. In this blog post, we’ll explore how Apple’s ‘Buy Now, Pay Later’ service works and what benefits it offers to customers.
First, let’s understand what ‘Buy Now, Pay Later’ is. It is a financial service that allows customers to buy products or services now and pay for them later. This service is becoming increasingly popular among consumers who want to make purchases without having to pay for them upfront. This type of service is especially popular for larger purchases that may be difficult to pay for in a single transaction.
Apple Pay Later is Apple’s version of the ‘Buy Now, Pay Later’ service. This service allows customers to make purchases using their Apple Pay account and defer payment until later. Apple Pay Later offers two options: Installments and Apple Pay Later Pay in 30.
Installments allow customers to split their purchase into four equal payments made every two weeks. Customers can use this option to buy products ranging from $250 to $1,000. This option is available for purchases made in-store or online.
Apple Pay Later Pay in 30 allows customers to defer payment for their purchase for up to 30 days. This option is available for purchases made in-store, online, or through the app. Customers can use this option for purchases of up to $2000.
To use Apple Pay Later, customers need an iPhone running iOS 15 or later, or an iPad running iPadOS 15 or later. Customers will also need to sign up for the service through the Wallet app, which will require them to provide some basic personal information, such as their name and date of birth.
One of the benefits of using Apple Pay Later is that customers can manage their payments directly from the Wallet app. Customers can view their payment history, make payments, and see their remaining balance from the app. The app will also send notifications to customers when payments are due, so they don’t miss a payment.
Another benefit of using Apple Pay Later is that there are no fees associated with the service. Customers won’t be charged interest or late fees if they make payments on time. However, if a customer misses a payment, they will be charged a late fee of up to $9.
In summary, Apple Pay Later is a ‘Buy Now, Pay Later’ service that allows customers to make purchases and defer payments until later. The service offers two options: Installments and Apple Pay Later Pay in 30. Customers can manage their payments directly from the Wallet app, and there are no fees associated with the service, as long as payments are made on time. This service is only available in the US, but it could expand to other countries in the future.
