Apple Pay Later will allow users to spread payments over time for Apple Pay purchases. The feature is coming to iOS 16 later this year.
Apple announced iOS 16 today, and one of the new features coming to the Wallet app is Apple Pay Later. Apple Pay is steadily gaining more features. Just a few years ago, Apple launched Apple Card, its own credit card, which resides inside the Wallet app alongside other debit and credit cards. Users can also request a physical version.
The Wallet app is where everything about Apple Pay resides, but it not only holds payment cards. Users can also store identification cards; digital keys for cars, homes, and hotels; boarding passes; and even vaccination cards on the app.
Apple Pay Later will let users split payments for a purchase made with Apple Pay into four equal installments. The payments will be spread across six weeks at zero interest and with no fees. To use Apple Pay Later, all users have to do is apply for it when they are checking out with Apple Pay or within the Wallet app. Users will make the first payment on the day of the purchase, while the remaining three payments will be paid every two weeks.
Apple Pay Later Is Limited To The U.S.
Users will also be able to check and keep track of their Apple Pay Later payments from within the Wallet app. For example, they can see the total amount owed and the payment due in 30 days. In addition, consumers can make payments within the app with the option to pay early. Apple Pay Later will be available to users in the United States, just like Tap to Pay on iPhone. There is also no mention of a future expansion to other markets for now. Furthermore, users will only be able to use the service online and in-app, provided the vendor accepts Apple Pay and uses the Mastercard network.
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Alongside Apple Pay Later, another exciting feature coming to the Wallet app is Apple Pay Order Tracking information. This will allow users to receive receipts and tracking details for their orders made with Apple Pay in the Wallet app, provided it is from a participating merchant. News of an installment payment plan for Apple Pay users was first reported nearly a year ago. With several payment institutions offering a “Buy now, pay later” service, it was only a matter of time before Apple jumped on the train. However, while that report speculated that it would be available to all businesses that accept Apple Pay, the official announcement reveals that the service will be available online only.
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