Home » News » Apple Pay Later has launched in the U.S., only a handful of users can test the service for now

Apple Pay Later has launched in the U.S., only a handful of users can test the service for now

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Image Source: CNN After much anticipation, Apple Pay Later is finally available, allowing users to finance their purchases in a series of four monthly installments at 0% interest to relieve some of the burdens from their shoulders. Apple products are notoriously expensive, which is most likely why this service exists. Unfortunately, it is not yet ready for widespread use, but Apple is likely working on something similar. Apple Pay Later will only offer loans of up to $1,000, the cost of an iPhone 14 Pro with 128GB internal storage in the United States. According to an Apple press release, the service is now available in the United States. However, the company claims that it will take months for Apple Pay Later to reach potentially millions of users because only a small number of people have been invited to test it out. To use it, you must also have iOS 16.4 or iPadOS 16.4 installed, according to the company. “Starting today, randomly selected users will be invited to get early access to a prerelease version of Apple Pay Later via Wallet and through their Apple ID email. Apple Pay Later is available in the U.S. for online and in-app purchases on iPhone and iPad. Apple Pay Later is available with iOS 16.4 and iPadOS 16.4.” After being invited, users can apply for their first loan through the Wallet app. Of course, the loan amount must first be approved, but the application will not affect your credit score. However, at this time, the applicable loan amount is up to $1,000, which means that even if you are eligible, the most you can get is a 128GB version of the iPhone 14 Pro, which may not be enough for the majority of customers. [caption id="attachment_131503" align="aligncenter" width="1200"]Apple Pay Logo Image Source: Apple[/caption] Apple has also prohibited credit card support, as the company does not want users to incur additional debt. As a result, payments must be made with a debit card. As for how Apple made all of this possible, it has been reported that the company formed a subsidiary company to finance all of this lending. Goldman Sachs is in charge of the Mastercard network connectivity. Hopefully, Apple will be able to raise the loan limit in the future. While a $1,000 limit may seem generous to some, it is not when you consider the company's product pricing. The more powerful machines, such as the MacBook Pro models, are more expensive, and Apple Pay Later would be viewed as an appealing option for buyers if they could finance the more expensive goods. Unfortunately, Apple is refusing to budge at this time. Also Read: Apple's iOS 17 software to unveil new features

By Prelo Con

Following my passion by reviewing latest tech. Just love it.

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