Apple unveils Pay Later App
By Felicia Nwosu
Apple is redefining the fintech landscape by embarking on the latest innovation that could pave way for it to become the biggest bank in the world with the unveiling of Apple Pay Later. This is part of its efforts to further strengthen its brand strategic positioning among its competitors.
Pay Later is yet another building block for the Apple Finance Empire, which indicates that the tech giant is seriously planning on diving deep into the financial services sphere without actually being a bank.
The leading tech brand introduced the Apple Pay Later in the U.S. and it is designed with users’ financial health in mind, as Apple Pay Later allows users to split purchases into four payments, spread over six weeks with no interest and no fees. Users can easily track, manage, and repay their Apple Pay Later loans in one convenient location in Apple Wallet. Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay. With this, Apple will begin inviting select users to access a prerelease version of Apple Pay Later, with plans to offer it to all eligible users in the coming months.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, revealed that this is done via Credit Kudos, a UK credit bureau Apple acquired last year, which uses open banking technology to deliver finely-tuned credit scores.
“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later. Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.
She urged consumers to apply, track, and manage their loans seamlessly in Wallet.
“Apple Pay Later is built right into Wallet, so users can seamlessly view, track, and manage all of their loans in one place. With Apple Pay Later in Wallet, users can easily see the total amount due for all of their existing loans, as well as the total amount due in the next 30 days. They can also choose to see all upcoming payments on a calendar view in Wallet to help them track and plan their payments.”
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