Apple has launched the “Apple Pay Later” feature for its US users, inviting selected customers to try out the pre-release version starting today.
With Apple Pay Later, customers can pay for their purchases in four installments over a period of six weeks without paying any interest or additional fees. The loan values range from $50 to $1,000 and can be used for online or in-app purchases at iPad and iPhone merchants that support Apple Pay. Additionally, since Apple Pay Later is enabled by Mastercard Installments plan, these merchants do not need to take any action to offer the service to their customers. Goldman Sachs issues Mastercard payment credentials for shopping with this new service.
Originally planned to launch with iOS 16, the feature was delayed due to technical difficulties.