Apple multiplies the offers in terms of financial management to be attractive. Apple Pay, Apple Wallet, Apple Card and now Apple Pay Later. This solution allows users to pay in several installments without additional costs. The application, available on Wallet, is only accessible in the United States. The firm has not mentioned its intention to develop it internationally either.
Several polls have shown that more and more Americans have difficulty meeting deadlines of payment. The situation concerns all profiles, ranging from merchants to web developers. The solution would be to extend deadlines and that’s what the apple brand offers. An option integrated into the iPhone will therefore propose a repayment in installments with Apple Pay Later. Apple Pay users will have the choice between the classic solution and the payment by installments. This makes it possible to extend the due date by six weeks, i.e. four payments in all, and without interest .
Close-up on Apple Pay Later
Apple begins to impose itself in the field of Consumer credit. The firm has been working on its Apple Pay Later project for almost two years. Its release was planned at the same time as the iOS in 2022. Finally, it was announced on 28 mars 2023 .
Apple Pay Later is for users:
- From Apple randomly at first;
- iPadOS 16.4 and iOS 16.4 in the US in the coming months;
- Solvable.
This solution is designed so that the iPhone users are more willing to make payments with their phone. Thanks to this option, new physical and virtual stores could accept the Apple Pay system, which is beginning to become popular. Partner of Mastercard, Apple claims fraud. The employee of the apple brand explains that the cost will be competitive for merchants, without going into details.
However, the development of this new method of payment abroad is not among the priorities. Apple Pay was, for example, only available in France two years after its launch. Also, l’Apple Card does not yet represent an option in France.
Towards competition with banks?
Apple gains independence and offers complete solutions for users. The brand has its own credit institution which acts as a bank. This is its subsidiary Apple Financing . She is the one who evaluates files and grants or refuses loans. The amount available for borrowing in the Wallet app ranges from $50 to $1000. If Apple Financing validates the case, the payment option will be displayed when the user goes to checkout.
Apple Vice President Jennifer Bailey explains the principes d’Apple Pay Later :
Apple Pay Later was designed with the financial health of our users in mind, so it has no fees or interest, and can be used and managed in Wallet, making it easier for consumers to make informed borrowing decisions. and responsible.
Jennifer Bailey
Card payment is not allowed for this new service so as not to incite debt. Apple will not sanction retards but all information will nevertheless be communicated to rating agencies. Moreover, the firm would also plan to offer loans with a longer repayment period for users of the service.
2023-05-01 23:00:54
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