Announced last year, Apple Pay Later seems almost ready to be released. A report says it will be available in the next few weeks.
Image: Apple Inc.‘s Mark Gurman, it will be available in the next few weeks as Apple rolls out a broader test phase with its retail employees.
The service is one of the features planned to launch during iOS 16’s lifecycle. Exclusive to the US, this function will bring a “seamless and secure way” to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with 0% interest and no fees of any kind. But getting to use Apple Pay Later will depend on one key factor: whether you’ve been a good customer in the past. It will evaluate your spending history and which Apple devices you own.
The lending criteria were revealed as part of a test of the service with Apple employees, who can now use the option for their own personal purchases. The evaluations determine whether the company is willing to lend money to applicants and how big an amount it will approve. Many testers are seeing loan approvals for $1,000 and under.says the Apple Pay Later offer will expire after 30 days.
When Apple Pay Later launches, this will mark the first time the company uses an in-house payment platform and conducts lending itself. Bloomberg notes that the transaction histories are stored with Goldman Sachs and MasterCard but not with Apple for privacy reasons.
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