Today, Apple launches its newest financial service. It’s called Apple Pay Later and it does very much what it says on the tin. If you’re in the US and you’re lucky, you can use it to pay for your purchase in 4 installments. No interest or fees.
Similar to Klarna and other “pay later” services, but this one is from Apple and lives in Apple Wallet. “Alive”, that is, if you are lucky enough to be invited to use it. Apple Pay Later launches today, but only to randomly selected users who are invited to early access to pre-release versions.
As luck would have it, Apple Pay Later is only available for online and in-app purchases on iPhones and iPads running iOS 16.4 and iPadOS 16.4, respectively, and from retailers that accept Apple Pay. Note that it can only be used for
According to Apple, Pay Later is “designed with your financial well-being in mind.” The purchase he can pay in 4 installments over 6 weeks. Of course, it’s all easily tracked and managed in Apple Wallet.
You can apply for an Apple Pay Later loan from $50 to $1,000. Once approved, you’ll see the option to pay later when you select Apple Pay at checkout online and in the app. You can also apply for a loan directly during the checkout flow at the time of purchase by setting up Apple Pay Later.
A broader release of Apple Pay Later, which doesn’t require random invites, is expected “in the coming months.”
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