Apple has launched its latest financial service. The service is called Apple Pay Later and offers exactly what you would expect from the name. If you live in the US and receive an invite, you can use Pay Later to split your purchases into four payments with no additional interest charges or fees.
The service works like Klarna or any other Pay Later service. But it represents the official Apple version and is therefore also part of the Apple Wallet. But you have to get an invitation first in order to be able to use the service. The service is already live, but only for a few randomly selected users who get early access to a pre-release version.
However, Apple Pay Later only works for online and in-app purchases on iPhones and iPads running iOS 16.4 or iPadOS 16.4 respectively. In addition, the shops must support the new system as a payment method. According to Apple, it was “designed with users’ financial health in mind,” whatever that means. You can split purchases into four payments over a six-week period. The payment history can be tracked and managed in the Apple Wallet.
However, you must first apply for a loan of between $50 and $1,000. Once the loan is approved, the Pay Later option is available by selecting Apple Pay during online checkout or in apps. After initial setup, you can also apply for a loan directly during the payment process.
The broad rollout of Apple Pay Later without an invitation is scheduled to start “in the coming months”.