In the weeks or months prior to the launch of the new models iPhone 15Apple device users will be able to access a new feature called Pay Later (Pay Later), to borrow when making purchases with a compatible iPhone.
However, the possibility of making payments after purchases and fragmenting them into smaller installments without increasing the interests, I wouldn’t be the only one function which would be available in this characteristic, since in addition, an option of loans in a similar way to that which can be applied by means of a banking entity regular.
Users who use the function Apple Pay Later They can opt for this type of financing, although as in a bank, these must be evaluated before accessing it.
According to the reporter, Mark Gurman, the method that the company would use to decide which people would receive the loans would be, among others, the record shopping stores Manzana and the type of devices they own.
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Even though the loan system is still in the testing phase within the company, which means that no user outside Manzana can access it, it was learned that up to now the company has approved loans for amounts around $1,000 or less.
These maximum amounts could be influenced by the data that the company generates from each consumer, such as the transactions made in the app storepayments through Apple Cash, in addition to other expenses at authorized distributors of Apple products. Manzana.
In this way, the company will have the possibility of establishing what customers have greater capabilities spent to apply.
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A long-term payment service
In addition to the already announced service of pay later which is not yet available to all users of devices of Manzana worldwide even though it was advertised as a feature of iOS 16 in 2022one of the additional functions that it will have will be specific to divide payments of large amounts in terms that are more friendly for each person.
According to Mark Gurman, like the borrowing feature, this feature is still in internal testing at Apple, so it’s not known when it might be available to the general public with iPhone. The “Monthly Fees” of Apple Pay will have the same function as the regular version that breaks payments into small amounts, although in periods of shorter time.
Although the concept of both features is similar, the main difference between the monthly fees is that this feature is aimed at larger payments, which can be divided into longer periods of time as its name suggests and will include the charge of an interest rate because the payment term is longer
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According to the company, the payment function of Apple Pay will only be addressed to its customers in USA and it will allow to distribute the cost of purchases in a period of six weeks. Within this period, users must make a total of four payments in equal parts, while the monthly installment version does not have an amount or a limited period of time that has been confirmed by Manzana.
