Apple Pay Later begins to roll out today: Details, how to use, and more

Apple Pay Later is available to users starting today. It allows users to split payments into equal installments over a few weeks. The Cupertino-based tech giant revealed the feature a few months ago. Currently, it is only available on select iPhones in the United States. However, availability is expected to improve over the upcoming months.

Note that money borrowed from Apple Pay Later won't impact one's credit. In addition, the company has devised a streamlined verification process that will approve loans in seconds.

The feature is only available on iOS and iPadOS 16.4, both of which will be available starting today. Thus, users will have to update to the latest software before being able to use the "Buy Now, Pay Later" feature.

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More details on Apple Pay Later

In its press release, the company mentions that the feature has been introduced with "financial health" in mind. Users can choose loans between $50 and $1,000. The money can then be used for online and in-app purchases. However, only the iPhone and iPad can be used for this purpose and the merchant has to support Apple Pay mandatorily.

Currently, Apple Pay Later supports biweekly payment plans. A maximum of four installments are allowed without interest. Users can track their upcoming payments and manage loans via the Wallet app. The amount due on different dates can also be viewed in the calendar. In addition, the company will send notifications and emails before the due date.

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How can iPhone and iPad users access Apple's "Buy Now, Pay Later" feature?

Apple Pay Later is a feature that is built into the Wallet, and users do not need to download additional software. It can be automatically accessed while making purchases via merchants that support Apple Pay.

Most large online retail markets like Amazon and Best Buy already offer a wide array of payment methods, including Apple Pay. Thus, users shouldn't face difficulty in this regard.

Jennifer Bailey, video president of Apple Pay and Apple Wallet, said the following about the new feature:

“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later.”

However, users will have to go through a verification process to enable responsible lending for both Apple and the borrower. Once you apply for a loan via the "Buy Now, Pay Later" feature and specify the amount, the company will attempt a soft credit pull to ensure that you're financially capable of repaying the amount.

The process is one-time and should let users use the Pay Later option indefinitely while shopping online.

Merchants who already support Apple Pay Later will automatically be incorporated into the feature. They do not need to undertake extra steps to add the feature to their supported payment method list.