People Have Started Getting Invitations To Apple Pay Later. Here’s What It Does.
Apple recently launched its new payment service called Apple Pay Later for US customers, and it is currently in a “prerelease” version, which requires an invite. The payment service has started reaching people, and there are multiple reports of invitations being sent out to select users.
Apple Pay Later is a service that allows users to make purchases and pay for them later. You can use the service to buy goods and services up to $1,000 and pay them back in interest-free monthly installments over time. This payment service works by providing two different payment methods: “Apple Pay in Full” and “Apple Pay Monthly Installments.”
Apple Pay in Full is a payment method that lets users pay their entire purchase amount in one go. This option is available immediately after the purchase and can be used to pay for any purchase made through Apple Pay. The payment will be deducted from the connected debit, credit, or prepaid card.
Apple Pay Monthly Installments, on the other hand, allows users to pay for their purchase in equal monthly payments with zero interest. The amount debited every month will depend on the amount of purchase and the term of the installment. Apple Pay Monthly Installments is available as a payment option during checkout and can be used for eligible purchases.
If you receive an invitation to Apple Pay Later, you will be able to activate it by signing in to your Apple Pay settings. Once activated, the payment service will be available to use on your Apple devices, including iPhone, iPad, Apple Watch, and Mac.
To use Apple Pay Later, you have to be at least 18 years old and have a US-based Apple ID. Verification for Apple Pay Later is required, which involves submitting personal information like name, address, date of birth, and the last four digits of your social security number.
In conclusion, Apple Pay Later is a convenient payment service that allows users to make purchases and pay later in interest-free monthly installments. With invitations being sent out to select users, we can expect this payment service to become more widely available in the future.