TechPhonesiPhonesApple’s iPhone Pay Later plan may have a naughty list and a nice listApple will reportedly use your purchase history to decide if you’re eligible for an iPhone loanWhen you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
TechPhonesiPhonesApple’s iPhone Pay Later plan may have a naughty list and a nice listApple will reportedly use your purchase history to decide if you’re eligible for an iPhone loanWhen you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
Apple will reportedly use your purchase history to decide if you’re eligible for an iPhone loan
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
(Image credit: Apple)
(Image credit: Apple)
Following on from theAppleCard, Apple’s next financial product is expected to be a Pay Later service available on devices including theiPhoneandiPad. And according to a new report, it’s going to base its loan decisions on something traditional financial firms don’t have: your Apple purchase history.
According to Bloomberg’s MarkGurmanthe service, which is expected to launch in the US in the next few weeks, is currently in beta with a spending limit of $1,000 and criteria based not just on your income but your Apple Store, Apple.com and Apple Store App purchases; Apple Cash transactions; App Store transactions; and the cards associated with your Apple Pay.
The reason? Unlike other financial products, Apple isn’t getting third parties to handle the money side of things – so this time, Apple’s carrying all the risk.
What do we know about the Apple Pay Later program?
The Pay Later service was announced last year and is expected to be a Klarna-style payment system where you can repay purchases in multiple equal payments over a short period of time, such as eight weeks.
The program looks and works just like Apple Pay, and according to Apple it offers the same level of security: your account details aren’t shared with the retailer. The $1,000 spending limit will depend on the criteria outlined above, and if the option to Pay Later is available to you it’ll be there on the Apple Pay checkout screen or page. You’ll then be able to see your status and upcoming payments in the Wallet app.
Sign up to the T3 newsletter for smarter living straight to your inbox
Get all the latest news, reviews, deals and buying guides on gorgeous tech, home and active products from the T3 experts
TOPICSiphoneappleiosipad
TOPICS
Vollebak pushes the limits of outerwear with Double Graphene Puffer and Shielding SuitThe company continues to weave innovation into every thread
The company continues to weave innovation into every thread
Bowers & Wilkins Pi6 review: sensational sound, ordinary ANCBowers & Wilkins' step-down true wireless earbuds sound amazing and are well-priced – so what’s the catch, if anything?
Bowers & Wilkins' step-down true wireless earbuds sound amazing and are well-priced – so what’s the catch, if anything?
A new Apple TV 4K box is reportedly coming, it’s just a matter of whenWhat will it offer though and will it change design?
What will it offer though and will it change design?
Apple’s affordable iPad set for major speed boost and Apple IntelligenceIt’s exciting times ahead for the entry-level tablet
It’s exciting times ahead for the entry-level tablet
Apple already sells a device thinner than the rumoured iPhone 17 AirThe slimming world of Apple
The slimming world of Apple
Apple MacBook Pro set for its biggest upgrade in many yearsIt’s great news for Apple fans
It’s great news for Apple fans
YouTube is getting a killer security upgrade for iPhone usersIt puts extra protections on your privacy
It puts extra protections on your privacy
Apple promises to fix Apple Intelligence feature that’s causing concernA big update could be coming to Apple Intelligence
A big update could be coming to Apple Intelligence
Apple iPhone could get a major camera boost… thanks to SamsungYou’ll just have to wait a while for it to arrive
You’ll just have to wait a while for it to arrive
If the iPhone 17 Pro looks like this, I’ll eat my hat!Surely this is highly unlikely?
Surely this is highly unlikely?
