Today, Apple launches its latest financial service. This one is called Apple Pay Later and it does a lot of what it says on the tin. If you’re in the US and you’re lucky, you can use it to split the things you buy into four interest-free, fee-free payments.
So is Klarna, or any other “pay later” service, but this one is from Apple and lives inside Apple Wallet. “Lives”, that is, if you are lucky enough to be invited to use it. Apple Pay Later launches today, but only with randomly selected users who will be invited to get early access to a pre-release version.
If you’re lucky, note that you can only use Apple Pay Later for online and in-app purchases on your iPhone and iPad running iOS 16.4 and iPadOS 16.4, respectively, and only if you buy from merchants that accept Apple Pay.
Apple says Pay Later is “designed with users’ financial health in mind,” whatever that means. You can split your purchases into four payments over six weeks. Of course, everything is easily traceable and manageable in Apple Wallet.
You can apply for Apple Pay Later Loans for $50 to $1,000. Once approved, you’ll see a Pay Later option when you select Apple Pay when paying online and in apps. Once you’ve set up Apple Pay Later, you can also request a loan right in the checkout flow when you make a purchase.
A broader version of Apple Pay Later, which doesn’t require random invites, is coming “in the coming months.”
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