Apple Pay Later, Apple’s free 4x payment, is currently being tested with some company employees.
Apple will have taken almost three years to develop Apple Pay Later, a service that allows you to pay for your purchases in installments. This feature will give iPhone users the option to spread their payments over several weeks or months with interest rate starting at 0% depending on the duration and the amounts requested. The service will be accessible to any holder of a bank card compatible with Apple Pay.
To read – Apple is still working on a monthly subscription to pay for its iPhone 14
If Apple Pay Later is theoretically open to everyone, the Cupertino company does not intend to offer this consumer credit to everyone without any control. According to Bloomberg, the company will accept deferred and/or installment payment requests based on certain well-defined criteria. It will thus be based on the customer’s purchase history and his “consumption habits”.
Apple Pay Later is for the brand’s good customers
Apple Pay Later’s algorithm could actually be extremely selective. Applicants will first be judged on the type of card linked to their Apple Card, the recipients of payments made with the Card. Rumor has it that it will also take into account whether you own (or not) Apple devices. Even more pointed: you will be rated better if you have an iPhone 14 Pro Max than if you use an iPhone 8, for example. Rather strict loan criteria therefore.
The service Apple Pay Later is currently being piloted with select employees in Apple stores that can equip themselves with branded devices as part of their personal purchases. The objective is to establish an average of the amount of money that the company could award claimants without risk of default. According to Engadget, “many testers saw loans approved for $1,000 or less “.
Source: Engadget