Tech giant Apple is finally
introducing Apple Pay Later, its buy now, pay later (BNPL) product to the US
markets, six months later than its earlier announced September 2022 launch
date. However, the product will only become available to all eligible users “in
the coming months,” Apple announced on Tuesday.
The technology company in a
press statement said it will invite select users to access the pre-released
version of the product starting Tuesday. The new product has been designed to
enable users to split their purchases into four payments, spread over six weeks
with no interest and no fees, the firm added.
Apple Taps Mastercard and
Goldman Sachs
Apple is launching Apple Pay
Later, which is built into the Apple Wallet, in partnership with Mastercard and
Goldman Sachs. According to the company, while Mastercard powers the instalment
function, Goldman Sachs issues the payment credential used to complete Apple
Pay Later purchases.
The new product complements Apple Pay, the company’s mobile payment service which was introduced in 2014 and
allows users to make payments physically, in iOS applications and on the web. Estimates
put the number of Apple Pay users across the globe at over 500 million as of
2020.
“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,” explained Jennifer Bailey, Vice
President of Apple Pay and Apple Wallet.
The new BNPL product is being
offered by Apple Financing LLC, a subsidiary of the giant technology firm that
handles credit assessment and lending.
“Apple Financing plans to report
Apple Pay Later loans to U.S. credit bureaus starting this fall, so they are
reflected in users’ overall financial profiles and can help promote responsible
lending for both the lender and the borrower,” Apple further explained.
Tech giant Apple is finally
introducing Apple Pay Later, its buy now, pay later (BNPL) product to the US
markets, six months later than its earlier announced September 2022 launch
date. However, the product will only become available to all eligible users “in
the coming months,” Apple announced on Tuesday.
The technology company in a
press statement said it will invite select users to access the pre-released
version of the product starting Tuesday. The new product has been designed to
enable users to split their purchases into four payments, spread over six weeks
with no interest and no fees, the firm added.
Apple Taps Mastercard and
Goldman Sachs
Apple is launching Apple Pay
Later, which is built into the Apple Wallet, in partnership with Mastercard and
Goldman Sachs. According to the company, while Mastercard powers the instalment
function, Goldman Sachs issues the payment credential used to complete Apple
Pay Later purchases.
The new product complements Apple Pay, the company’s mobile payment service which was introduced in 2014 and
allows users to make payments physically, in iOS applications and on the web. Estimates
put the number of Apple Pay users across the globe at over 500 million as of
2020.
“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,” explained Jennifer Bailey, Vice
President of Apple Pay and Apple Wallet.
The new BNPL product is being
offered by Apple Financing LLC, a subsidiary of the giant technology firm that
handles credit assessment and lending.
“Apple Financing plans to report
Apple Pay Later loans to U.S. credit bureaus starting this fall, so they are
reflected in users’ overall financial profiles and can help promote responsible
lending for both the lender and the borrower,” Apple further explained.