Apple introduces Apple Pay Later. Apple Pay users can split purchases into four payments with zero interest and no fees.

Apple today introduced Apple Pay Later in the U.S. Designed with users’ financial health in mind, Apple Pay Later¹ allows users to split purchases into four payments, spread over six weeks with no interest and no fees.² Users can easily track, manage, and repay their Apple Pay Later loans in one convenient location in Apple Wallet. Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.³ 

Starting today, Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.

“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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”

Apply for, Track, and Manage Loans Seamlessly in Wallet

To get started with Apple Pay Later, users can apply for a loan within Wallet with no impact to their credit.⁴ They will then be prompted to enter the amount they would like to borrow and agree to the Apple Pay Later terms. A soft credit pull will be done during the application process to help ensure the user is in a good financial position before taking on the loan.

After a user is approved, they will see the Pay Later option when they select Apple Pay at checkout online and in apps on iPhone and iPad, and can use Apple Pay Later to make a purchase. Once Apple Pay Later is set up, users can also apply for a loan directly in the checkout flow when making a purchase.

Apple Pay Later is built right into Wallet, so users can seamlessly view, track, and manage all of their loans in one place. With Apple Pay Later in Wallet, users can easily see the total amount due for all of their existing loans, as well as the total amount due in the next 30 days. They can also choose to see all upcoming payments on a calendar view in Wallet to help them track and plan their payments. Before a payment is due, users will also receive notifications via Wallet and email so they can plan accordingly. Users will be asked to link a debit card from Wallet as their loan repayment method; to help prevent users from taking on more debt to pay back loans, credit cards will not be accepted.

Apple Pay Later was designed with privacy and security at its core. Purchases using Apple Pay Later are authenticated using Face ID, Touch ID, or passcode, and users’ transaction and loan history are never shared or sold to third parties for marketing or advertising.

Apple Pay Later is offered by Apple Financing LLC, a subsidiary of Apple Inc., which is responsible for credit assessment and lending. Apple Financing plans to report Apple Pay Later loans to U.S. credit bureaus starting this fall,⁵ so they are reflected in users’ overall financial profiles and can help promote responsible lending for both the lender and the borrower.

Mastercard and Goldman Sachs

Apple Pay Later is enabled through the Mastercard Installments program, so merchants that accept Apple Pay do not need to do anything to implement Apple Pay Later for their customers. When a merchant accepts Apple Pay, Apple Pay Later will be an option for their customers during checkout online and in apps on iPhone and iPad. Goldman Sachs is the issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.

Availability

Starting today, randomly selected users will be invited to get early access to a prerelease version of Apple Pay Later via Wallet and through their Apple ID email. Apple Pay Later is available in the U.S. for online and in-app purchases on iPhone and iPad. Apple Pay Later is available with iOS 16.4 and iPadOS 16.4.

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1. Apple Pay Later is subject to eligibility and approval. Apple Pay Later is available only in the U.S. It may not be available in all states. It is not available in U.S. territories. Loans are made by Apple Financing LLC, NMLS #2154940. For California residents, loans are made or arranged pursuant to a California Financing Law license. To use Apple Pay Later, a user must have an iPhone or iPad updated to the latest version of iOS or iPadOS.
2. A user’s bank may charge them fees if their debit card account contains insufficient funds to make loan repayments.
3. Some merchants may not be eligible to offer Apple Pay Later.
4. Upon purchase, a user’s Apple Pay Later loan and payment history may be reported to credit bureaus and impact their credit.
5. Apple Financing LLC may report past, current, or future Apple Pay Later loans.