Does Apple Pay Later Work in the UK? | Everything About Apple Pay Later Scheme

Apple has announced that it has rolled out its new feature called Apple Pay Later. Apple Pay Later, as the name suggests, is an app that lets a user purchase a product and then pay for it later. The new Apple Pay feature lets a user break the cost of purchases into four equal payments spread over six weeks. Apple Pay Later has been rolled out in the U.S., and if, like many others, you are curious about when will the feature be rolled out in the UK, then I am here to help. In this article, I will tell you, Does Apple Pay Later Work in the UK?

As of now, Apple Pay Later is not available in the UK yet, and the company has no plans to do that anytime soon as the new legislation prevents it. Also, Apple has not commented on whether or not it is planning to roll out the new Apple Pay Later feature in the UK.

So, let’s get started and learn about the Apple Pay Later feature and does Apple Pay Later Work in the UK. For further details, keep reading to know more!

Does Apple Pay Later Work in the UK?

No, Apple Pay Later is not available in the UK, and it seems like a small loan scheme won’t be available for the British people for a while. The reason Apple Pay Later not being available is that the new UK legislation prevents it.

It all started when in 2022, the British government decided to regulate and announced that the government would now control the Buy Now, Pay Later (BNPL) market. The new government regulation was introduced in June 2022, and the main motive of the regulation was to protect individuals from making credit agreements with such schemes. 

The new legislation of the UK requires lenders to carry out affordability checks confirming that BNPL loans are affordable for customers and that no BNPL advertisement is misleading or unfair. Apart from that, lenders will also need to be approved by Financial Conduct Authority (FCA).

In simple language, Apple Pay Later in the U.S. has the backing of Apple and not a bank, and if it has to operate in the UK, Apple Pay Later would need to be approved by the Financial Conduct Authority.

About the legislation, the Chief Secretary to the Treasury, John Glen, said, “Buy-Now Pay-Later can be a helpful way to manage your finances, But we need to ensure that people can embrace new products and services with the appropriate protections in place.”

What is Apple Pay Later Scheme?

Apple has announced a new feature to make your digital payments easy and launched Apple Pay Later. The feature is designed keeping in mind the financial health of the users.

Apple Pay Later is a short-term loan scheme that lets you break the cost of purchases into four equal payments spread over six weeks. The first payment is due when you make your purchase, and the remaining payments are due every two weeks after that.

According to Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, “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,” and further added, “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.”

Apple Pay Later is built right into Wallet. You can easily view, track, and manage all of their loans in one place. Apple Pay Later feature embedded in Wallet will make your users journey by easily seeing the total amount due for all of their existing loans, as well as the total amount due in the next 30 days. 

How To Use Apple Pay Later?

You can easily use Apple Pay Later on your device. The process of setting up and using Apple Pay Later is a fairly simple one. In order to use Apple Pay Later, follow the given steps.

1. Set the Apple Pay Later on your device.
2. At the checkout and after completing a purchase, you will find two options Pay in Full and Pay Later.
3. Select the Pay Later option, and it will bring up a payment schedule displaying the amount of each of the four payments and when they are due, and voila, you are done!

Note: It is to keep in mind that Payments for Apple Pay Later must be made with a debit card; you can’t use a credit card for the Apple Pay Later feature.

Requirements For Apple Pay Later Scheme

Now that you have understood what Apple Pay Later is and how it works, there are certain requirements that you need to fill in order to access the loan. They are as follows:

• You need to be over the age of 18 years old in order to access the Apple Pay Later Scheme.
• Since Apple Pay Later is currently available in the U.S., so you have to be a US citizen or a lawful resident with a valid, physical US address
• A valid identity proof can be a driver’s license or state-issued photo ID.
• Set up Apple Pay with an eligible debit card.
• Set up two-factor authentication for your Apple ID.
• You need to have an updated version of iOS or iPadOS.

Wrapping Up

Apple has launched a new small loan scheme called Apple Pay Later. The new Apple Pay feature lets a user break the cost of purchases into four equal payments spread over six weeks. To know about the Apple Pay Later feature and Does Apple Pay Later Work in the UK? Read the entire article and do share it with your friends. For more trending stuff on technology, gaming, and social media, keep visiting, Path of EX! For any queries, comment below, and we will get back to you ASAP!

Frequently Asked Questions