Apple BNPL’s service enters11 the US

Apple has launched its new buy now, pay later (BNPL) offering called Apple Pay Later in the United States, allowing customers to split the cost of their purchases over a six-week period without any interest or fees.

The pre-release version of the service has been made available to select customers, with plans to offer it to all eligible users in the near future. Customers can apply for loans ranging from $50 to $1,000 within the Wallet app on their iPhones and iPads.

Apple claims that a soft credit check will be conducted during the application process, which will not impact the user’s credit score. Consumers will see the Pay Later option when selecting Apple Pay at checkout for both online and in-store purchases. ‘

Apple has partnered with Mastercard and Goldman Sachs for this initiative and has limited the loan repayment method to debit cards only to prevent customers from taking on more debt.