Apple Pay will allow some purchases to be paid in installments, but not for everyone

It will have taken Apple almost three years to develop Apple Pay Later, a service that lets you pay for your purchases in installments. This feature will give iPhone users the option to spread their payments over several weeks or months. Interest rate starting from 0% according to maturity and amount requested. Anyone with a debit card compatible with Apple Pay will be able to access the service.

To read – Apple is still working on a monthly subscription to pay for the iPhone 14

If Apple Pay Later is theoretically available to everyone, the Cupertino company does not intend to make this consumer credit available to everyone without any control. According to Bloomberg, the company accepts deferred and/or installment payment requests, certain well-defined criteria. Thus, it will be based on the customer’s purchasing history and “consumption habits”.

Apple Pay Later is for good customers of the brand

Apple Pay Later’s algorithm can actually be extremely selective. Applicants will be considered primarily based on the type of card linked to their Apple Card., Recipients of payments made by card. It is said to take into account whether you own Apple devices or not. More importantly: For example, if you’re using an iPhone 8, you’ll be rated better if you have an iPhone 14 Pro Max. Hence the rather strict credit criteria.

Service Apple Pay Later is currently being piloted with select employees in Apple stores that can equip themselves with branded devices as part of their personal purchases. The goal is to determine the average of the amount of money the company can give to claimants without risking default. According to Engadget, “many testers have seen Loans approved for $1,000 or less “.

Source : interaction