![]() Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. Keep up to date with all the latest in BNPL news! If you want to know how the platforms stack up, find the best of Buy Now Pay Later.ĭisclaimer Who we are and how we get paid Hopefully it will be clear how this can be integrated into our market alongside our regulatory requirements. If you comb through the fine print, you’ll also find Apple reporting that “a user’s Apple Pay Later loan and payment history may be reported to credit bureaus and impact their credit”.īy the time Apple brings their BNPL platform to Australia, we will be able to tell how this product has had an impact on the American market. Thankfully there is clarification that the application process will involve an assessment of creditworthiness, so there will be no applying for the product when you’re drowning in debt. This may not mesh with new rules for regulation around BNPL in Australia. Notably, Apple’s announcement at the launch of this product says that Apple Pay Later will be able to “apply for a loan within Wallet with no impact to their credit”. How will Apple Pay Later impact my credit score? This is to minimise the risk of people falling into the trap of debt. These payments will be linked via Apple Pay to a debit card, with credit cards not being accepted. Users are currently only able to use the payment method where Apple Pay is available, and on purchases between the values of $50 and $1,000. The service, called Apple Pay Later, does not charge interest (making it potentially feel more accessible to many than a credit card) or any joining fees. With growing scrutiny over the BNPL industry and its potential to create long-term impacts on your credit score, how does Apple’s offering actually look? What is Apple Pay Later?Īpple’s Pay Later payment platform functions similarly to Afterpay or Paypal Pay in 4, allowing users to split purchases into 4 over 6 weeks. ![]() Okay: only if you live in the USA and for online purchases if you have iOS 16.4 (or iPad 16.4) and up, and if you’ve been randomly selected as a part of Apple’s “randomly selected” early access trial. Sorry, I should say, only if you live in the USA.Īnd, sorry, it’s only if you live in the USA and for online purchases if you have iOS 16.4 (or iPad iOS 16.4) and up. Bloomberg reports that a longer-term Apple Pay Monthly plan is in the works as well.As if there weren’t enough Buy Now Pay Later options on the market, Apple’s long-awaited addition to the world of BNPL has finally arrived. It’s a simply structured loan service that splits the cost of purchases into four equal payments: the first must be paid immediately, and the remaining three at two-week intervals. Apple only says it “plans to offer it to all eligible users in the coming months.”īeyond these trivial details, however, there’s much about the service to intrigue. territories are all currently excluded.) We don’t know when the service will spread to the remaining states or to other countries, if at all, nor indeed when it will graduate from “pre-release” to full release. (Though not in all 50 states: Hawaii, Nevada, New Mexico, North Carolina, Wisconsin, and the U.S. citizen or resident since Apple is launching the service in its home territory only at first. One of the qualifying criteria, at any rate, is that you must be 18 or older to use it (19 in Alabama).
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