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Category: Apple Pay Later

  • Rumor: Apple Pay Later beta testing expanding, monthly program may be in development

    Rumor: Apple Pay Later beta testing expanding, monthly program may be in development

    You can’t argue with paying later.

    When the Apple Pay Later feature was announced at WWDC 2022, the “buy now, pay later” feature has not yet launched to the public. This could soon change, as a report has suggested that Apple has “expanded an internal test” of the feature to its thousands of retail employees, “a sign the feature is finally nearing a public release.”

    The feature, which Apple CEO Tim Cook touched on during the company’s earnings release last week, is apparently being significantly expanded.

    According to Bloomberg, Apple contacted retail employees this week to “offer them a test version of the service” ahead of its public launch. The company currently has about 270 stores across the United States and more than 80,000 employees to use as a test bed for the feature.

    The Apple Pay Later feature functions as a financial service that would allow customers within the United States to split purchases into four equal payments across six weeks, with no fees or interest. The feature will be available anywhere Apple Pay is accepted online or in-app.

    Apple describes the feature as follows:

    “Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind.”

    Users can also use and track the Apple Pay Later feature within their Apple Wallet app.

    Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.

    A monthly version of the Apple Pay Later program also seems to be in the works.

    As the name implies, this would allow users to split larger purchases into equal payments over a longer amount of time. These longer-term payment plans, however, would carry interest fees, unlike the short-term Apple Pay Later installments.

    Apple Pay Monthly Installments hasn’t yet been announced by Apple, and could be implemented further down the line, following the company’s widespread launch of Apple Pay Later within the United States.

    Stay tuned for additional details as they become available.

    Via 9to5Mac and Bloomberg

  • Apple Card interest rates expected to rise along with Fed’s interest rate hike

    Apple Card interest rates expected to rise along with Fed’s interest rate hike

    As is won’t with most credit cards, the Apple Card’s interest rate on overdue balances will rise as the Federal Reserve raises its benchmark overnight interest rate in an attempt to slow inflation in the United States.

    As of July 1, the Apple Card’s variable APRs now range from 12.49 percent to 23.49 percent based on creditworthiness, compared to 11.74 percent to 22.74 percent previously. This is in line with the Fed’s 0.75 percentage point increase to its overnight rate in June.

    The Apple Card interest rates had been as low as 10.99 percent to 21.99 percent for much of 2020 and 2021 as the Fed lowered interest rates in response to the COVID-19 pandemic.

    With the Fed’s recent interest rate hike, the Apple Card’s APR range will likely see another increase to 13.24 percent to 24.24 percent based on creditworthiness. This would be the Apple Card’s highest interest rate range since 2019.

    If you’re carrying an overdue balance on your Apple Card, be aware that interest charges have been increasing and will cost you extra.

    The Apple Card remains limited to the United States.

    Stay tuned for additional details as they become available.

    Via MacRumors and The Wall Street Journal

  • Apple releases iOS 16, iPadOS 16 public betas

    Apple releases iOS 16, iPadOS 16 public betas

    Apple on Monday seeded the first public betas of iOS 16 and iPadOS 16, opening up the ‌iOS 16‌ beta testing process to the general public for the first time since the Worldwide Developers Conference. Developers have already had three betas, and the first public beta coincides with the third developer beta.

    Users who signed up for the public betas at beta.apple.com can downloading the updates over the air after installing the proper certificate from the website.

    iOS 16 introduces an overhauled Lock Screen with customizable wallpapers, time, and widgets, as well as updated notifications which roll in from the bottom of the display. Multiple Lock Screens are supported and can be linked with Focus modes.

    The Messages app supports editing and deleting messages as well as marking messages as unread. SharePlay has expanded beyond FaceTime, and Messages can be used for communication between people sharing content with one another. ‌FaceTime‌ calls can be handed off from one device to another, and the Health app gains a new Medications feature for tracking the vitamins and medicine that you take.

    Where privacy and security are concerned, Apple is now replacing passwords with Passkeys, and the Safari web browser now supports Shared Tab Groups for collaboration. The Mail app allows users to schedule emails, cancel sending, and receive follow-up reminders, and the Maps app supports multi-stop routing.

    The iCloud Shared Photo Library allows for additional photo sharing, and Apple Pay Later offers the option to pay for purchases in fee-free installments. iPadOS 16 finally brings a Weather app to the iPad, and a new multi-tasking system called Stage Manager is available for iPads with Apple silicon chips.

    If you’ve had a chance to try either the iOS 16 or iPadOS 16 public betas, please let us know about your experience in the comments.

    Via MacRumors and beta.apple.com

  • Apple Pay Later to take advantage of Apple ID data to help detect fraudulent activity ahead of time

    Apple Pay Later to take advantage of Apple ID data to help detect fraudulent activity ahead of time

    Well, this is a bit more reassuring.

    Following its announcement of its Apple Pay Later financing option and its Apple Financing LLC division, Apple has stated that it plans to use a customer’s Apple ID and associated data to minimize the chance of fraud and losses.

    While most financial firms offering a “buy now, pay later” service generally use third-party credit reports to judge whether it can afford to offer credit to new and existing customers, Apple will apparently be doing this on its own via the Apple Financing LLC division. This move, in turn, could offer Apple more direct control over the service. Apple could also provide information to Apple Financing that wouldn’t necessarily be provided to a third-party outfit, such as its existing relationship with Goldman Sachs for Apple Card.

    Alongside traditional credit checking systems, Apple Pay Later will also take advantage of Apple’s own platform in various ways. Among these techniques would be the use of Apple ID data to verify the user’s identity, as well as for fraud prevention.

    Applicants with Apple IDs that have been in good standing for a long time, and don’t seem to have any indications they will commit fraud, will be more likely to be accepted for the service.

    Following its release of the Apple Card and its partnership with Goldman Sachs, Apple seems comfortable handling its own finances. This will include a cap of $1,000 for the payment plans, though the final amount will still depend on usual credit checks.

    Customers will also be required to link their debit card to the account, with payments automatically deducted from their bank account every two weeks, unless the customer opts out.

    Stay tuned for additional details as they become available.

    Via AppleInsider and the Wall Street Journal

  • Apple creates Apple Financing LLC to handle Apple Pay Later lending

    Apple creates Apple Financing LLC to handle Apple Pay Later lending

    During its WWDC 2022 keynote, Apple announced its new “Apple Pay Later” program, which is set to debut this fall and allows shoppers to break their payments for purchases into four equal installments, over six weeks.

    The company is apparently also handling the lending through the use of its new wholly-owned subsidiary, as opposed to using an existing financial institution.

    According to Bloomberg’s Mark Gurman, Apple has created Apple Financing LLC to handle the lending aspect. This also marks the first time that Apple has bundled loans and credit assessments with other financial businesses in-house.

    Apple Financing LLC currently has all the necessary state lending licenses, allowing it to offer this feature. It apparently also operates separately from the main Apple corporation.

    Many of Apple’s financial services, though, are slowly moving under Cupertino’s broader umbrella. A “secret initiative” the company calls “Breakout” will also supposedly handle subscription payments for a rumored program designed to split the cost of new iPhones and other hardware into smaller monthly installments.

    It’s been noted that the Apple Pay Later program won’t make any money from interest payments or fees.It’s also been noted that Apple can still charge merchants anywhere from 2 to 8 percent of the purchase amount, and with Apple handing the financing in-house, it can profit from the Apple Pay merchants.

    Stay tuned for additional details as they become available.

    Via The Mac Observer and Bloomberg