Apple announces launch of Apple Pay Later today. Feature will be initially offered to select users with gradual rollout to all users later this year.
Apple Pay Later will provide users with ability to apply for loans from $50 to $1000. Request results on in soft inquiry and therefore does affect credit score. Once approved users will be able to use Apple Pay Later as payment option and split purchase into multiple payments with no interest.
Starting this fall loans borrowed with Apple Pay Later will be reported to credit bureaus.
Merchants who support Apple Pay will not need to implement any additional support on their side.
Apple Pay Later is built using Mastercard Installments program and offered by Apple Financing LLC, subsidiary of Apple Inc.
Apple Newsroom: Apple introduces Apple Pay Later
Developer:Business as usual.
QA engineer:Business as usual.
PM/DM:Plan on supporting Apple Pay, if applicable.
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