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Apple Rolls Out Buy Now, Pay Later Plan

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Apple Inc.

AAPL -0.76%

has introduced its buy now, pay later service in the U.S., marking the tech company’s latest foray into financial services. 

The new program, called Apple Pay Later, allows consumers to split purchases into four payments spread over six weeks with no interest and no fees. People using the iPhone’s Wallet app can borrow anywhere from $50 to $1,000 using Apple Pay Later. 

The service can be used to make online and in-app purchases with merchants that accept Apple Pay, the company’s payment system. Users will be required to link a debit card as their loan repayment method and credit cards won’t be accepted for payments, the company said.  

The move is another push by Apple to use finance to deepen its relationship with customers. 

The company previously launched its own credit card in collaboration with Goldman Sachs Group Inc. That card charges no fees, pays daily cash rewards and syncs with users’ iPhones to analyze their spending. 

Apple is entering an increasingly crowded field of companies offering buy now, pay later plans, like

Affirm Holdings Inc.

and Klarna Bank AB. Affirm shares dropped 11% on Tuesday, adding to its steep losses over the past 12 months. 

Apple said in June 2022 that it was developing a buy now, pay later offering and had expected it to be ready later in the year. The company said it would begin randomly selecting users on Tuesday to give them early access to a prerelease version of Apple Pay Later.

Apple Financing LLC, a unit of Apple, will be handling the credit assessment and lending for the program. Apple Financing will begin reporting Apple Pay Later loans to U.S. credit bureaus starting this fall, meaning they will be reflected in users’ credit profiles, the company said. 

Purchases using Apple Pay Later are authenticated using Face ID, Touch ID or a passcode, the company said, adding that users’ transaction and loan history won’t be shared or sold to third parties for marketing or advertising. 

Apple said it is connecting to merchants through the

Mastercard Inc.

network. Merchants that already accept Apple Pay don’t need to do anything to implement the new buy now, pay later option for customers, Apple said. 

Photo Composite: David Fang

Write to Joseph De Avila at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



Apple Inc.

AAPL -0.76%

has introduced its buy now, pay later service in the U.S., marking the tech company’s latest foray into financial services. 

The new program, called Apple Pay Later, allows consumers to split purchases into four payments spread over six weeks with no interest and no fees. People using the iPhone’s Wallet app can borrow anywhere from $50 to $1,000 using Apple Pay Later. 

The service can be used to make online and in-app purchases with merchants that accept Apple Pay, the company’s payment system. Users will be required to link a debit card as their loan repayment method and credit cards won’t be accepted for payments, the company said.  

The move is another push by Apple to use finance to deepen its relationship with customers. 

The company previously launched its own credit card in collaboration with Goldman Sachs Group Inc. That card charges no fees, pays daily cash rewards and syncs with users’ iPhones to analyze their spending. 

Apple is entering an increasingly crowded field of companies offering buy now, pay later plans, like

Affirm Holdings Inc.

and Klarna Bank AB. Affirm shares dropped 11% on Tuesday, adding to its steep losses over the past 12 months. 

Apple said in June 2022 that it was developing a buy now, pay later offering and had expected it to be ready later in the year. The company said it would begin randomly selecting users on Tuesday to give them early access to a prerelease version of Apple Pay Later.

Apple Financing LLC, a unit of Apple, will be handling the credit assessment and lending for the program. Apple Financing will begin reporting Apple Pay Later loans to U.S. credit bureaus starting this fall, meaning they will be reflected in users’ credit profiles, the company said. 

Purchases using Apple Pay Later are authenticated using Face ID, Touch ID or a passcode, the company said, adding that users’ transaction and loan history won’t be shared or sold to third parties for marketing or advertising. 

Apple said it is connecting to merchants through the

Mastercard Inc.

network. Merchants that already accept Apple Pay don’t need to do anything to implement the new buy now, pay later option for customers, Apple said. 

Photo Composite: David Fang

Write to Joseph De Avila at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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