Apple too is launching itself into the great world of "Buy Now Pay Later" or "Buy now and pay later": a generally interest-free payment extension which, as the name suggests, allows you to buy now and pay in the future. The service is called Apple PayLater and is about to leave for the United States. The goal is to roll out the service to all eligible users in the coming months. The new service will allow users to divide purchases into four installments distributed over six weeks: the installment will be at zero interest and without commissions. But let's see how it works in detail Apple Pay Later.
“Apple Pay Later was designed with our customers' financial health in mind, so it has no fees or interest and can be used and managed within Wallet, making it easier for consumers to make informed and responsible loan decisions,” he explained Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet.
How Apple Pay Later works for interest-free installment payments
Su Apple Wallet there will be a special section where consumers will have the possibility to monitor, manage and repay their loans obtained with Apple Pay Later: it is possible to request loans of an amount between the 50 and 1000 dollars which can be used for online or in-app purchases made via iPhone and iPad at merchants participating in the service.
Once approved, the option to pay by installments will appear at the time of payment payment online and in applications on iPhone and iPad. The loan can also be requested when making the purchase from authorized merchants.
In Wallet, you will then have the opportunity to view the total amount due for one or more existing loans. In any case, before the imminence of an installment, you will receive a notification via Wallet and email to remind you of the payment.
Users will need to link a debit card from Wallet as a refund method – they will be rejected le credit cards to avoid the risk of getting excessively indebted to the system.
Purchases through the new service can be authenticated using Face ID, Touch ID or passcode. The system is compatible with iOS 16.4 and iPadOS 16.4.
When does it arrive in Italy?
At the moment, the option is available only by invitation in the US, but since it seems to be unrelated to Apple Card, it is likely that sooner or later it will also arrive in Italy. It will probably take at least a year before there is talk of expanding the service in Europe.
