Here is everything we know so far about Apple's upcoming financial feature, Apple Pay Later
Apple Pay Later is one of the newest features announced at this year's WWDC — Apple's developer conference. When we put Apple's ambition to go deeper into the financial sector aside, it looks like we, ordinarycustomers, could benefit a lot from Apple Pay Later when it comes out this fall. So, let's take a look at what we know so far about Apple's new financial feature and see if it will be as promising as Apple claims.
Furthermore, the exact maximum credit Apple will allow you may not even be $1,000. The amount you will be able to get will depend on your credit report and score. As Apple stated,"loans are subject to eligibility checks and approvals." As for the technical part, Apple will use Mastercard's system to connect clients and merchants. When a user buys something through Apple Pay Later, the merchant will receive a 16-digit card number generated by Goldman Sachs, showing that the purchase was made via Apple's new financial feature.According to Apple, you will be able to apply for Apple Pay Later when making Apple Pay purchases or directly in the Wallet app.
With Apple Pay Later, you will be able to buy a product and pay the exact price without any interest. However, the amount you will be able to borrow will be capped. Furthermore, you won't be able to choose the payback period of the loan, and there won't be any cashback perks when you purchase something with Apple Pay Later.
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