November 15, 2023, 3:53 p.m. |
Reading time: 2 minutes
There are now a number of online payment systems in this country. Whether with your smartphone or smartwatch, you don’t necessarily have to have your bank card with you to pay. It is not surprising that new functions are constantly being integrated. This is also currently the case for Apple Pay. The payment service is introducing a new method – but initially in the USA.
There are plenty of online payment services. One of the most popular in this country is Apple Pay. This payment service is the easiest method, especially for iPhone users. Now the Cupertino company announced that it is introducing a new payment method in the USA called “Apple Pay Later”.
This is what “Apple Pay Later” can do
Apple has on its website officially announced that the “Apple Pay Later” extension will be introduced for its own payment system. The company wants to offer users the opportunity to buy now but pay later. The method was activated for selected users at the beginning of 2023 (early access), but basically all Apple Pay users in the USA can now access it.
The new method makes it possible to pay for purchases later. To be more precise, you can divide the purchase into four installments and have to pay it off within six weeks – without interest or other fees. The rates can be tracked in Apple Wallet. The method can be used for purchases between $75 and $1,000. A prerequisite for this is that the relevant retailer accepts Apple Pay.
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What “pay later” options are there in Germany?
It is not known when and whether “Apple Pay Later” will be introduced in Germany. However, Apple Pay is way ahead when it comes to mobile payments. According to Mastercard study from 2022, 33 percent of mobile payment users use Apple Pay. This puts the payment service in first place, ahead of Google Pay, any bank payment app and Samsung Pay. For this reason, a launch of Apple Pay Later in Germany is certainly conceivable. Especially since other payment services in this country already offer a very similar method.
PayPal is one of them. For example, you can PayPal-Users can only pay for a purchase made using the payment service later. You can select the “Pay later” option in the app and then only have to pay for the online purchase 30 days later. Also Klarna-Users have a similar option. There is the option of paying for the purchase in 30 days or splitting it into installments.