As Apple Pay Later rolls out in the US, some are now curious as to whether the short-term loan scheme is available in the UK.
Apple Pay Later has been in the works for the past few years. Last summer, there was hope that the technology company’s new loan scheme would become available. But significant delays to the feature roll out prevented Apple users from adding the Pay Later feature to their Apple Wallets.
However, the time has finally come. This March, Apple Pay Later is starting to roll out. Let’s take a look at how the loan works and where it is available.
How does Apple Pay Later work?
Apple Pay Later is a new feature that can be added to your Apple Wallet. It allows you to split a purchase into four equal payments. You will then repay then money spent over six weeks.
It essentially works like a short-term loan. Apple pays the merchant for your purchase up-front, then you payback to Apple over the six weeks. Plus, there’s no interest or fees.
It is only available at participating online and in-app merchants that accept Apple Pay. Some of the examples given on the Apple website show their own store, Nike, and Target. You can also only make Apple Pay Later payments on iPhone and iPad devices that support Apple Pay. It is available for purchases between $50 and $1,000.
This is the latest hyped feature Apple is rolling out. It follows their latest iOS 16.4 software update which saw the addition of 21 new emojis.
Is Apple Pay Later available in the UK?
No, as of publication date, Apple Pay Later is not yet available in the UK. It is likely that this scheme won’t be available for British Apple customers for a while, considering new legislation prevents it from arriving this side of the pond.
Last year, the UK government announced plans to tightly control the Buy Now, Pay Later (BNPL) market. From June 20, 2022, regulation was introduced to protect individuals from making credit agreements with such schemes. Under the new legislation, lenders will be required to carry out affordability checks confirming that BNPL loans are affordable for customers. It also ensures that BNPL advertisements are fair, clear, and not misleading.
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Lenders will also need to be approved by the Financial Conduct Authority (FCA). In the US, Apple Pay Later receives backing from Apple not a bank. This means that if the same scheme, under the same conditions, would arrive in the UK, Apple Pay Later would need to be “approved by the Financial Conduct Authority.”
New government legislation also enables borrowers to take complaints about BNPL schemes to the Financial Ombudsman Service.
“Buy-Now Pay-Later can be a helpful way to manage your finances,” sitting Chief Secretary to the Treasury John Glen said about the legislation. “But we need to ensure that people can embrace new products and services with the appropriate protections in place.”
Requirements for Apple’s new loan scheme
While Apple Pay Later is only available to use with certain merchants, there are also several requirements to access the loan. They are as follows:
- Be over the age of 18 years old
- Be a US citizen or a lawful resident with a valid, physical US address (can’t be a P.O. Box)
- Verify your identity with a Drivers Licence or State-issued photo ID
- Set up Apple Pay with an eligible debit card
- Set up two-factor authentication for your Apple ID
- Update to the latest version of iOS or iPadOS
Currently Apple Pay Later is only available for customers in the United States. This has not been lost on netizens, who have joked about Apple’s roll-out of the new feature solely in the States.
In other news, Is Apple Pay Later available in the UK? New loan scheme finally launches in US
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