Apple Introduces Apple Pay Later

Apple ($AAPL@US) introduced Apple Pay Later on Tuesday, a service that allows users to apply for loans and split purchases into four payments. Users can apply for loans for up to $1,000 and use them for in-app and online purchases made through merchants that accept Apple Pay. Payments have no interest and no fees. Users can apply for a loan within the Apple Wallet app without it impacting their credit score, and a soft credit pull will be conducted to make sure they are in “a good financial position” to take on a loan. Users will be able to apply for a loan at checkout, and approved users will see a “Pay Later” option while using Apple Pay to checkout. Purchases using the software will be authenticated using Face ID, Touch ID, or a passcode.