One of the most striking innovations that occurred at the last WWDC in June 2022 was the new Apple service called “Apple Pay Later”. Well, this service has not yet reached users but it is really close, and in this post we want to tell you how it will work and what metrics Apple will use to “lend” money to users who use it.
Undoubtedly, Apple Pay Later was one of the most prominent announcements that took place at WWDC last year, and note that that is saying a lot since there were many and very good ones. For the clueless or clueless, it is a financing service that the Cupertino company itself will carry out for all those users who use Apple Pay to pay. But beware, this will not only be used to make purchases in the Apple Store, but also for any service or business where a payment is made.
The great virtue that Apple Pay Later has, or rather, will have is that those from Cupertino will not apply any commission , however, flexibility will not be available either since financing will be possible in 4 equal payments in the following 6 weeks after the purchase of the product, and it is something that will not be able to be modified in any way. In addition, you have to know that Apple itself will be in charge of lending the money to the users who use this function, obviously through an agreement with a bank, but the user will not have to carry out a single procedure, so Done, you just have to choose this function when paying with Apple Pay and that’s it.
Apple will study your purchase history
One of the doubts that all users had when it came to finding out more information about this Apple service was the way in which the Cupertino company was going to process the financing , that is, what metrics or parameters were going to use to decide if a user is suitable or not, since in the end not everyone will be able to use this function given the personal economic situation of each one.
Well, as the time for the launch of Apple Pay Later approaches, more information about this service becomes known, and it turns out that what Apple will do is use the purchases that said user has made in the Apple Store and other services to evaluate the feasibility of said loan. Therefore, all those who usually make purchases in the Apple Store will have much more chances of having said loan accepted than other people who do not.
Undoubtedly, it is something that many users will find great, especially to make purchases that involve a significant financial expense on a day-to-day basis, so that using Apple Pay Later they will not have to pay a single euro of commission to make the transaction. payment of said product somewhat more bearable in time. Of course, be careful not to pay, since the consequences can be fatal.