Bea Beltran Tech 02.08.2023 01:Feb AM EST

Apple Pay Later is Being Tested by Apple Employees and May Launch Soon

Apple is now closer to launching its "buy now, pay later" feature as part of its Apple Pay digital payments service. There have been reports of the tech giant testing the service internally with its employees, which is usually Apple's sign that a service or product is near its launch.

Apple Pay Later Tests

It's convenient that Apple has more than 80,000 employees in the US alone, which is spread out in 270 Apple stores. This gives the company an opportunity to test out the Apple Pay Later service with a huge population, as mentioned by 9To5Mac.

The company reached out to retail employees and offered them a test version of the Apple Pay Later service, just to see how it fares ahead of its public launch. It's a good measure to see if there are kinks in the system that needs fixing before it's released.

There are also reports saying that Apple might a new version of Apple Pay Later that allows monthly installments. This will give its users a longer timeframe to pay what they owe, but the long-term payment plans may include interest fees, unlike the original Apple Pay Later service.

Apple has not announced this feature yet, and if they do, it might take a while before it's launched. With the nearing release date of the current "buy now, pay later" service, they will likely focus on that first before venturing into other projects.

How Apple Pay Later Works

Apple Pay Later allows users to buy something without having to pay for it entirely on the spot. While the Apple Pay service will just charge users the full price upfront, Apple Pay Later will split it into four equal payments that can be paid in a course of six weeks.

Although it's as easy to apply for the service. Users will need to be approved first just as they would with other lending services. Apple will check on factors like your credit score before they make a decision on whether or not you are eligible for the service.

The company will use its own resources such as Apple Financing LLC for the redit checks, decision-making, and eventually lending users what they need when they use the Apple Pay Later service, as pointed out by iMore.

You can use the lending feature when you're making a purchase with the company's Wallet app, using Apple Pay. The option will appear once you have been approved. Reports say that users can borrow up to $1,000 per purchase.

If Apple does develop the version with monthly installments, they might raise the price cap for lending higher than $1,000 given that they come with the Apple Pay Later feature comes with interest, and the monthly payment plan may.

Once you do make a purchase, you will be able to manage your payments within the app. You will see the total amount of payment you are due, a breakdown of all your upcoming payments, and when you have to pay for your next due.