How to Set Up Apple Pay Later: Here’s the Detailed Guide (2023)

Apple Pay has introduced a new feature which is Apple Pay Later, that will allow users to pay for their purchases over time. If you are an Apple Pay user, you definitely need to know about this news that Apple has launched called Apple Pay Later. This has brought you to a spot of thinking about how to set up Apple Pay Later.

Apple Pay Later will help you to buy your favorite things you cannot afford right now. It means the idea of “buy now, pay later.” This was the most awaited service of Apple since 2022, as it was delayed by the company itself. Apple announced recently its (BNPL) Buy Now, Pay Later activation in the US. 

Now iOS users can ask for a loan, and after approval, they need to repay it after a decided course of time later on. To know everything about how to set up Apple Pay Later, read the blog till the end. 

How to Set Up Apple Pay Later? 

This new feature service has turned around many heads. Apple has already created an ecosystem of its own, and now by offering such services, it’s trying to glue-stick people to itself. There is a lot you need to know about before proceeding to set up Apple Pay Later. You will have a look below for detailed information about this new finance feature service of Apple. 

Now, I am going to tell you the steps you need to follow in order to seek Apple Pay Later services.

1. Go to the Settings of your iOS device and make sure you have iOS 16.4 updated or installed. 

2. As the system gets updated, Go to the Apple Wallet app and press Plus icon.

3. Now, select Apple Pay Later, and then you’ll need to follow the instructions as the screen guides. 

4. You can proceed by applying for the amount of loan you are seeking ($50 to $1000).

5. Then your personal details will be verified, like DOB, Name, and Residential address.   

6. Keep a check on whether you have been approved or not. 

And this is how to set up Apple Pay Later. By following these instructions, you can receive the beneficial services Apple Pay Later has to offer.

What is Apple Pay Later?

Apple Pay Later technically is a money lending service. It is a part of Apple Pay that will allow you to purchase things you wish to from within the Apple Wallet and pay for them later. This financial service feature will help you in splitting your payment into 4 installments which are repayable over the course of 6 weeks. The Cherry on the top, which excites is that there are NO INTERSTS and no extra charges. The limit to which you can apply loan is $50 to $1000.

The user needs to get approved for Apple Pay Later services first. Apple has its own subsidiary called Apple Financing LLC, keeping check records of Credits, decisions, approvals, and lending money for Apple Pay Later. You can apply for Apple Pay Later from Apple Pay Purchase or Wallet app. Once you are approved for Apple Pay Later, you will be able to see the option of Apple Pay Later while using Apple Pay Purchase or Wallet app. 

Apple Says that there is nothing merchants need to do to accept this for their users. The customers themselves can see the Apple Pay Later option while trying to make a payment through Apple Pay. When the merchant accepts the Apple Pay payment customer can manually choose to go for Apple Pay Later.

Apple Pay Later also keeps a track record of the amount total due for all your existing loans and the total number due in the next 30 days. 

How to Apply for Apple Pay Later?

After knowing about what is Apple Pay Later and the steps, you need to follow for Apple Pay, here. There are two ways by which you can apply for Apply Pay Later. They both are mentioned below in a detailed manner. 

1. Apply While Checking Out in Apple Pay 

Here are the step guides if you choose to apply while Checking out in Apple Pay:

1. Open your iOS device and choose Apple Pay at checkout.

2. Click on the pay later tab and continue.

3. Review your loan agreement details and payment plan information

4. Tap on Agree and Continue. 

5. Select and enter the details of the debit card you want to use for your down payments. 

6. After following some screen instructions, you will need to double-click the side button to confirm the payment. 

You can confirm payments by using a passcode, Face ID, or touch iD. This is the way you need to follow to apply while checking out in Apple Pay. 

2. Apply in Wallet App

You also have the option to apply for Apple Pay Later from the Wallet app on iOS devices. Here are the guide steps you need to follow:

1. Open the Wallet app on your iOS device.

2. Tap on Apple Pay Later.

3. Choose New Purchase Amount and then enter the amount you require

4. Review the Payment Plan Example and tap on Continue. 

5. After being approved, tap on Continue.

6. Review your Available to spend amount. 

And this is how you will be able to apply for Apple Pay Later in Wallet app.

Requirements You Need to Set Up Apple Pay Later

There are certain requirements Apple Pay Needs you to fulfill. These certain criteria have very reasonable and genuine points. They are mentioned below as follows: 

1. You should be 18 or above of the age.

2. You should be a lawful US citizen with a valid physical US address. 

3. You need to Set Up Apple pay with an eligible card on your device. You can make Apple Pay Later installments with a debit card. 

4. You need to Set up Two-Factor Authentication for Apple Pay Later and also update your iOS device to the latest version.  

5. You need to get the verification done from a State Issued-Photo ID or Driver’s License. 

These are the criteria you need to fulfill to sign up for Apple Pay Later and to get your BNPL approval. 

Things to Know Before you Set Up Apple Pay Later?

You may want to drool over this policy of BNPL of Apple Pay Later as it will intensify and take you a step closer to buying things that you cannot afford currently. You should definitely make a budget for the things that you would want to buy from Apple Pay Later because you don’t have to pay it at once doesn’t means that the amount in total does not matter. Here are a few points to keep in mind before going for Apple Pay later:

• The loan you get from Apple Pay Later can only be used online and not in actual physical locations.
• If your Debit account does not have enough balance, your bank can charge you.
• There will be a soft credit pull during the process. It will surely not affect your credit score.
• If somehow you have not paid your credit loan amount, it will be reported to the credit beuro. This will have an impact on your credit score. So, remember to pay on time. 
• The app also selects some random users and gives them the benefit of early access to Apple Pay Later than others via wallet and Apple id Email. 

If you will keep these points in mind before you set up Apple Pay Later and you will never fall down into losses. 

Wrapping Up

This was a detailed guide for you on how to set up Apple Pay Later and everything you needed to know about it. I hope you have a safe purchase from Apple Pay Later. To read more such interesting, informative blogs, keep visiting our website, Path of Ex. 

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