Apple Pay Later launches today with a random invite system

Today, Apple is launching its latest financial service. This one is called Apple Pay Later and it does exactly what it says on the tin. If you’re in the US and if you’re lucky, you can use it to split your purchases into four installments with no interest or fees.

So, like Klarna, or any other “pay later” service, but this one comes from Apple, and it 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 preview a preview.

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 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 from $50 to $1,000. Once you’re approved, you’ll see the Pay Later option when you select Apple Pay when checking out online and in apps. Once Apple Pay Later is set up, you can also apply for a loan directly in the checkout process when making a purchase.

A larger version of Apple Pay Later, which doesn’t require random invites, will arrive “in the coming months.”

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