(Pocket-Lint) – Apple has entered the “Buy Now, Pay Later” market with the Apple Pay Letter, as opposed to existing competition such as Epharm and Clarna.
With Apple Pay Later, you can check out any store, app or site that supports Apple Pay and divide your purchase costs into four payments. Here’s what you need to know about Apple Pay later, including when you can start using it for your next big purchase.
What after Apple Pay?
Apple Pay Letter Apple Pay has a “Buy Now, Pay Later” feature. This allows you to split the cost of any purchase made with Apple Pay into four payments in six weeks.
Where can you use Apple Pay later?
Apple Pay is then available where Apple Pay is accepted. The Contactless Payment System lets you make purchases in physical retail stores and mobile apps and on the web from your iPhone, iPad, Mac and Apple TV. An important part of Apple Pay Wallet – the mobile app where you actually store your credit card, debit card, and even digital version of Apple Card so you can checkout after Apple Pay and Apple Pay.
Stores that support Apple Pay later
If a store website or app allows you to checkout with Apple Pay, you can use Apple Pay to make your purchases and over time at no extra cost. For developers and merchants, Apple Pay does not require any further integration. It only works using the standard Apple Pay implementation, Apple said.
How does Apple Pay work next?
When you check out a store, if the store supports Apple’s contactless payment system, you will be given the option to check out with Apple Pay.
How to use Apple Pay at checkout
When you use Apple Pay, it will ask you to verify your identity on your Apple device via Touch ID or Face ID. Once verified, it will ask you to either pay in full for your purchase or pay later. When you choose a pay letter, you will see how much you owe today and what your payments will be every two weeks.
How to manage payments and track orders
Upcoming payments are handled through the Apple Wallet app. It lets you track what and when.
After you place your order, Apple Pay offers order tracking, enabling stores to provide you with detailed receipts and tracking information directly in Apple Wallet. Apple has said that Apple Pay Order Tracking will be offered to “millions of merchants” through e-commerce platforms ranging from Shopify.
Does Apple charge interest later?
No. Apple has stated that there will be zero interest when you use Apple Pay Letter.
Is there a fee after Apple Pay?
No. There is no fee associated with Apple Pay purchases.
Does Apple check the credit later?
Apple Pay Next, Apple is basically offering zero-cost installment loans. It says these are “subject to eligibility testing and approval”. The company has not specified what is included in its eligibility checks, but Pocket-Lint will update this guide if more information about Apple Pay is available.
When will Apple Pay be available next?
Apple Pay Later is a new feature in iOS 16 There will be a public beta of this free software update this summer, followed by an official rollout in the fall.
Written by Maggie Tillman.
