It looks like Apple is rolling out Pay Later to all users in the US. As spotted by MacRumors, the buy now, pay later service is now widely available within Apple Wallet and is featured on Apple’s homepage.
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Apple Pay Later is rolling out to all users in the US
Apple Pay Later now appears to be available to all users in the US. While the buy now, pay later service was launched in early access in March, it was only available to a limited number of users.
First announced in June 2022, Apple Pay Later lets users make a purchase and then pay for it in a series of four installments over the course of six weeks without any interest or late fees. If you thought the service was already out, that’s because Apple initially launched it on select iPhones and iPads in March. Users can use Pay Later on purchases between $75 and $1,000.
Earlier today, MacRumors noticed that Apple had removed the mention of a “prerelease version” from Pay Later’s support documents, a sign that Apple had been getting close to widely releasing the service. Apple also mentions Pay Later in its description of Wallet on the App Store, which wasn’t there earlier this month (as shown in an archived version of the page). The Verge reached out to Apple to confirm that the service has officially launched but didn’t immediately hear back.
Even though Apple says Pay Later was made with “users’ financial health in mind,” it still poses some consumer safety concerns. A recent survey from Morning Consult showed that 41 percent of users carry debt from buy now, pay later services, such as Affirm, Klarna, and AfterPay, and that one-quarter of them missed a payment in August 2023.
While Apple is handling the lending side of its Pay Later service, it’s enabled through the Mastercard Installments program. Meanwhile, Goldman Sachs serves as the “issuer of the Mastercard payment credential used to complete Apple Pay Later purchases.” However, it’s unclear if Apple will have to get a new financial partner going forward, as reports suggest that Goldman Sachs is looking for a way out of its credit card and savings account partnership with Apple.