Apple Pay Later was announced by Apple during the Worldwide Developers Conference (WWDC) 2021. The new feature is a digital buy now, pay later service that allows customers to purchase products and services upfront and pay later. The service is set to take on industry players such as Afterpay, Klarna, Affirm, and PayPal Pay in 4.

Anticipated Launch Date

Apple has not yet announced the official launch date of Apple Pay Later but the service is expected to be available in the coming months. Apple has revealed that Apple Pay Later will be available on iOS 15, iPadOS 15, and macOS Monterey. Users will have access to the service straight from their Wallet app.

Features of Apple Pay Later

Apple Pay Later offers two distinct financing options. The first is called ‘Apple Pay Later Installments’ and it allows customers to purchase items and pay for them over several months with interest. The second option is called ‘Apple Pay Later Pay in 30’ which allows customers to pay for their goods or services in total after 30 days with no interest.
With Apple Pay Later Installments, users can choose to pay for items over six, twelve, and even 24 months with interest. However, interest rates have not been publicized as of yet. With ‘Apple Pay Later Pay in 30’, users can take advantage of the service when they need to make a purchase but might not have the cash available. This option allows users to access funds directly from their Apple Pay account and pay the balance back within 30 days.

Other Rumors

Apple has not provided any additional details on the eligibility criteria for Apple Pay Later. However, some sources suggest that the service will only be available to users with a certain credit score. Currently, it is also unclear whether Apple Pay Later will be available to users outside of the United States.

Final Thoughts

There is no doubt that Apple Pay Later has the potential to be a major disruptor in the buy now, pay later industry. With Apple’s trusted brand name, ease of use, and a vast user base, Apple Pay Later could quickly become a preferred option for customers. It remains to be seen when the service will launch, and what its interest rates and eligibility criteria will be. Nonetheless, Apple Pay Later is an exciting development and we can expect more details to emerge in the near future.