Watch out, Klarna: You have some new competition.
At its opening keynote presentation at its annual Apple Worldwide Developers Conference (WWDC 2022) on June 6, Apple announced Apple Pay Later, a new financing tool that’ll let Apple Pay customers split their purchases into four equal payments over six weeks, with no interest or additional fees.
Apple Pay Later will be baked into Apple Pay, and will be available everywhere Apple Pay is available when iOS 16 launches in the fall. Loans are subject to eligibility checks and approvals, and may not be available in all states at first. Customers don’t need to have an Apple Card, the company’s credit card offering, to use Apple Pay Later.
The feature will be available in the United states at first. It’s unclear whether it’ll launch in other markets, but considering the company’s other financial services — Apple Card and Apple Cash — haven’t made it to other countries, it’s unlikely it’s on the cards for anytime soon, so tools like Klarna and Clearpay are safe. For now, anyway.
In addition to Apple Pay Later, Apple announced that order tracking is making its way to Apple Pay. Starting with Shopify, with other merchants to follow soon, orders placed through Apple Pay can be tracked inside the Wallet application, and you’ll receive alerts when its status changes — when it’s dispatched or due for delivery, for example.
That’s about all we know about Apple Pay Later at the moment, but we should see more details start tricking in as the launch of iOS 16 draws closer, and we’ll be sure to update this article as each new scrap of information emerges. Until then, head over to Apple’s website to learn about all of the other features iOS 16 will bring to the table.