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Apple Pay Later hits US in prerelease mode, requires an invitation

2023 March 28
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The new pay-later service from Apple allows you to split purchases into four payments spread over six weeks with no interest and no fees.

  • What’s happening? After months of delays, Apple has debuted a prerelease version of the Apple Pay Later feature ahead of a wider launch.
  • Why care? Apple Pay Later allows you to split purchases into four payments spread over six weeks with no interest or fees.
  • What to do? Accept Apple’s invitation if it hits your inbox.

A prerelease version of Apple Pay Later debuts in the US

On March 28, 2023, Apple began sending email invites to randomly selected users to use a prerelease version of Apple Pay Later through their Apple ID. The feature is available for online and in-app purchases on the iPhone running iOS 16.4 or later and the iPad with iPadOS 16.4 or later (Macs are unsupported).

The company will eventually offer Apple Pay Later to all eligible users “in the coming months,” according to the announcement published in the Apple Newsroom.

Apple Pay Later will automatically appear on your device as an option during checkout online and in apps. Goldman Sachs is the official issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.

How does Apple Pay Later work?

$50-$1,000 loans are available for online and in-app purchases via Apple Pay. You can apply for a loan within the Wallet app without impacting your credit.

You’ll need to link a debit card from the Wallet app to use as your loan repayment method for Apple Pay Later. Apple doesn’t want you to bite more than you can chew, so it won’t let you link a credit card to use for Apple Pay Later.

“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,” Apple notes. Once approved, you can apply for a loan directly in the checkout flow.

The Wallet app will nudge you about upcoming payments. You’ll also receive email alerts in case you’ve ignored that important Wallet notification.

Managing loans in the Wallet app

You can manage your loans in the Wallet app, including:

  • See the total amount due for all of your existing loans
  • See the total amount due in the next 30 days
  • See all upcoming payments on a calendar view

Apple Pay Later: The FAQ

Where is Apple Pay Later available?

Apple Pay Later is currently limited to the United States. Apple hasn’t said when the feature might expand to other countries. Visit Apple’s iOS Feature Availability webpage occasionally to see if the feature has expanded to additional countries.

Who’s eligible for Apple Pay Later?

Apple will determine who’s eligible for Apple Pay Later in the prerelease phase. The company plans to offer the feature to all eligible users in the coming months. Apple’s support document provides further information about the service, including how to apply for an Apple Pay Later loan and make a purchase.

What are the system requirements for Apple Pay Later?

The Apple Pay Later feature is compatible with the iPhone running iOS 16.4 or later and the iPad with iPadOS 16.4. Macs currently don’t support Apple Pay Later.

What does Apple Financing LLC do?

Apple Pay Later is a cooperation between the Mastercard Installments program and Apple Financing LLC, Apple’s subsidiary for credit assessment and lending.

Do US credit bureaus know about your Apple Pay Later loans?

Starting this fall, Apple Financing will report Apple Pay Later loans to US credit bureaus so they are reflected in people’s overall financial profiles. This will “help promote responsible lending for both the lender and the borrower,” says Apple.

How can merchants offer Apple Pay Later?

Merchants that already work with Apple Pay don’t need to do anything to start accepting Apple Pay Later transactions. However, as Apple states, “some merchants may not be eligible to offer Apple Pay Later.”

Apple Pay and Wallet tutorials

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