source: Telecom Talk
Apple has recently launched a new payment service, called Apple Pay Later, that allows iPhone users to buy products and services and pay for them later. The new service is designed to provide more flexibility and convenience for users who may not have the funds available at the time of purchase.
How it Works
Apple Pay Later offers two different payment options, known as “Apple Pay Later Monthly Installments” and “Apple Pay Later in Full.” The monthly installment option allows users to split their payment into equal monthly installments over a set period, while the in full option allows users to defer their payment for a specified period.
To use the service, users need to sign up for Apple Pay Later in the Wallet app on their iPhone. Once signed up, users can select the payment option that suits them best and proceed with their purchase.
Interest Rates and Fees
Apple Pay Later charges interest on monthly installment payments, which can range from 2.99% to 29.99% depending on the user’s credit score. The interest rate is fixed for the duration of the payment plan, and users will be informed of the interest rate before they proceed with their purchase.
Late fees may also apply if users fail to make their payments on time. The fee amount varies depending on the payment plan and the amount owed.
Eligibility and Availability
Apple Pay Later is available to users in the United States who are 18 years or older and have a valid Apple ID and compatible iPhone. The service is currently only available for purchases made in participating stores and apps.
Apple Pay Later is a new payment service that provides iPhone users with more flexibility and convenience when making purchases. The service offers two payment options, monthly installments and paying in full, and charges interest rates and fees depending on the user’s credit score and payment plan. While the service is currently only available in the United States, it is expected to expand to other countries in the future.