Today, Apple is launching its latest financial service. This one is called Apple Pay Later and it pretty much does what it says on the tin. If you’re in the US, and if you’re lucky, you can use it to split things you buy into four payments with no interest or fees.
Like Klarna or any other “pay later” service, but this one is from Apple and it lives inside the 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 prerelease 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 retailers that accept Apple Pay.
Apple says Pay Later is “designed with users’ financial health in mind,” whatever that means. You can split purchases into four payments over six weeks. Everything is of course easily traceable and manageable in Apple Wallet.
You can apply for Apple Pay Later loans of $50 to $1,000. Once you’re approved, you’ll see the Pay Later option when you select Apple Pay at checkout online and in apps. Once Apple Pay Later is set up, you can also apply for a loan directly in the cash flow when you make a purchase.
A wider release of Apple Pay Later that doesn’t require random invites will arrive “in the coming months.”
