Apple Pay later: What you need to know

by Pramith

You’ve probably already heard about the new Apple Pay later payment service, which will be launched for the first users in America at the end of March 2023. There are a few things you should know about it.

Apple Pay later: What’s behind it

As you’ve already learned, Apple Pay later is a new payment option.

  • This gives you the option to buy products directly, but pay them off in instalments.
  • The instalment payment is divided into 4 instalments, which you pay within 6 weeks.
  • Compared to some other instalment payments, however, you do not have to pay any interest here and there are no further charges.
  • Apple gives users in the US the option to apply for a loan between $50 and $1000.
  • Those who want to pay back this credit can only do so with a debit card, not a credit card.

These requirements must be met to use Apple Pay later

A few requirements must be met to use Apple Pay later.

  • So you must (as of March 2023) live in the US to use Apple Pay later. It is not yet clear if and when the payment option will come to Germany.
  • In the USA, the full version should be usable for everyone in the course of 2023.
  • In addition, users’ accounts must have sufficient funds, as Apple will check to see if there is enough.
  • Payment via Apple Pay Later also only works via Apple devices, such as the iPhone, or iPad.
  • The devices must also have at least the iOS 16.4 update on them for the payment to work.

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