There are no additional hassles involved with using Apple Pay Later, assuming you own a newer iPhone or iPad model. All you need to do is select Pay Later on the final billing step instead of the Pay in Full option. Once the purchase is finalized, users can choose to enable the automatic debiting option or to pay the installments manually at their preferred cadence. Apple says users can apply for its financial offering without worrying about a hit on their credit score, and the approval process is also fairly fast.
Regarding the security aspect, Apple says it won’t “share or sell your spending history, loan details, and credit information to merchants or marketers.” For now, the eligibility criteria include being at least 18 years old, having an active Apple Pay account with a functional banking card linked to the wallet, having legal identity proof, and having two-factor authentication in place for verifying transactions. Apple Pay Later will be available across all online storefronts and in-app payments. But do keep in mind if your account balance dips below the minimum installment amount and you can’t pay it on time, charges will be levied by your banking institution.