Apple Pay will later review customer history to approve transactions

It was mentioned that Apple would assess a customer's creditworthiness based on past purchases of hardware and services as it gears up for the introduction of Pay Later in the upcoming weeks. Customers will be evaluated by the Apple Pay Later service based on their recent purchases and the devices they now own. Customers that have a solid history of purchasing Apple products are more likely to be admitted into this service, according to the reports. Through this procedure, Apple will choose whether to approve or reject your transaction. Along with past purchases, the business will examine clients who have requested an Apple Card credit card as well as any other associated cards on their Apple Pay accounts. According to Apple's statement, the corporation neither stores nor has access to the original credit, debit, or prepaid card numbers used by Apple Pay users. Since these transactions only occur between customers, the business, and the bank, Apple does not keep any transaction data that can be used to identify you. [caption id="" align="aligncenter" width="594"] Image credit- Tech Times[/caption] This is a component of the business's ambitions to break into the financial services sector since they see both great potentials for growth and potential dangers. The loans will be backed by the company's cash balances because this will be maintained by Apple's system and not by a third party. Users should be prepared for the possibility that they won't be given the option to use an Apple Pay Later product until their account is in good standing again if they default on one. Customers will be able to use Apple Pay on their phones to purchase items and pay for them over the course of four interest-free installments for six weeks utilizing the Pay Later service. According to Apple Insider, some of the loan options were made public as part of an internal business test, and developers have confirmed seeing loan approvals for amounts up to $1,000. [caption id="" align="aligncenter" width="1200"] Image credit- Apple[/caption] The loan expires after 30 days, and applications can call for applicants to submit a copy of their government ID, their entire social security number, and confirmation of their Apple account's two-step verification. Access to other company services will not be impacted by a user's loan status with Apple Pay Later. This service is still being tested in preparation for launch. According to Bloomberg, it was supposed to debut in September 2022 as a part of iOS16, but it is now running behind schedule. Regrettably, the organization encountered difficulties during development that resulted in delays and permanent postponement. Also read: Kraken, a cryptocurrency exchange settles with Iranian government for $360,000 Apple has not formally disclosed a new launch date for the Pay Later service, despite reports that it may happen this month. The feature is now inactive in the iOS 16.3 Wallet app code, so Apple is free to implement it right away.