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.
- Apple Pay later can only be used in shops that support this payment option.