As part of WWDC 2022, Apple has unveiled Apple Pay Later, a new feature included in Apple Pay. It allows deferring the payment of purchase up to four installments, without interest. Without a doubt, this is a very important function, since it does not require any type of implementation by the businesses or financial entities involved.
Yes, we could say that Apple is now a bank. This will give more flexibility to users, who will be able to choose up to how many payments they want to defer their amounts. The platform will allow you to choose a payment schedule of up to six weeks, being able to manage notifications through Wallet.
As explained in the presentation, Apple Pay Later will be available in all businesses that accept Apple Pay. But don’t get too excited, as it can only be used in the United States.
Apple Pay Later, a new option to finance purchases in installments
As Apple explained during the WWDC 2022 keynote, at the end of a purchase, users will be able to choose between making a single payment or deferring it in installments. As we mentioned before, they will be able to divide the total amount is up to four identical payments and a schedule of up to six weeks.
Said selection of payments will be automatically integrated with the Wallet application. This means that users will see notifications of future payments, being able to be aware of when they will have to face a new disbursement.
Unfortunately, the availability of Apple Pay Later will be limited to the United States. The Californian firm mentioned that this financing option will be available in all stores that use Apple Pay as a means of payment. As part of the “fine print”, it is worth mentioning that payment financing is mentioned as being available “through the MasterCard network”.
Additionally, it is mentioned that Apple Pay Later will be accessible to “qualified applicants”, implying that customers who wish to take advantage of this option will be subject to approval. In fact, in the screenshots seen during the presentation, you can see a disclaimer at the bottom of the Wallet screen in iOS 16; he says the following:
Loans are subject to eligibility checks and approvals. Loans may not be available in all states.
Having already established that Apple Pay Later will be available only in the United States, at least for now, it is still an option to highlight. At the moment it is unknown if the function could soon reach other countries where the apple payment platform is in operation; let’s not forget that, for example, a few months ago it made its debut in Argentina and Peru, as part of the expansion of its presence in Latin America.
On the other hand, Wallet in iOS 16 will incorporate the option to track shipments. In this way, when purchasing through Apple Pay, you can receive receipts and detailed shipping information, to follow the steps of the packages until their delivery.