Apple Pay Later launches in U.S.


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Apple CEO Tim Cook visits the Fifth Avenue Apple Store on September 16, 2022 in New York City.

Kevin Mazur | Getty Images

Apple on Tuesday introduced Apple Pay Later, which will allow users to split purchases into four payments spread over the course of six weeks.

Affirm dropped 6% on the news.

Apple Pay Later users will be able to manage, track and repay their loans in their Apple Wallet, the company said in a release Tuesday. Individuals can apply for Apple Pay Later loans between $50 and $1,000 and use them for in-app and online purchases made through merchants that accept Apple Pay. Payments have no interest and no fees.

The Mastercard Installments program enables Apple Pay Later, so merchants that already accept Apple Pay will not need to make any changes to implement the software for their customers.

Users can apply for a loan within the Apple Wallet app without it impacting their credit score, Apple said. Once they select the amount they would like to withdraw, a soft credit pull will be conducted to make sure they are in “a good financial position” to take on a loan, according to the release.

Apple will invite select people to access a prelease version of Apple Pay Later Tuesday, and the company said it plans to expand access to all eligible users in the coming months.

Approved users will see a “Pay Later” option while using Apple Pay to check out online and in apps on iPhones and iPads. They will also be able to apply for a loan right at checkout. Apple said purchases using the software will be authenticated using Face ID, Touch ID or a passcode.

The company said users can see the amount due for their existing loans, as well as the total amount due in the next 30 days, in Apple Wallet. Users will be asked to link a debit card as their loan repayment method. Credit cards won’t be accepted.

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