Apple has marked a significant milestone with the 10th anniversary of Apple Pay, unveiling ambitious plans to enhance the service in the coming years. The tech giant revealed exciting features, including the ability to redeem rewards and expanded installment loan options. Starting today, users in the U.S. and U.K. can take advantage of Apple Pay’s integration with Klarna, allowing seamless checkout both online and within apps. This addition complements existing partnerships with Affirm and Monzo Flex, making payment options more flexible for users.
Looking ahead, Apple aims to broaden access to installment loans linked to eligible credit and debit cards from institutions like Citi and Synchrony in the U.S., along with several participating banks internationally. Customers in Australia, Singapore, Spain, and the U.K. will also see similar options emerge, enhancing their Apple Pay experience.
This announcement comes after Apple’s decision to discontinue its own buy now, pay later service, Apple Pay Later, which was launched in March 2023. Instead, Apple plans to collaborate with financial institutions to ensure a more cohesive experience for users, integrating their payment options directly into the Apple ecosystem.
Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet, hinted at even more changes on the horizon, indicating that consumers will soon have the option to redeem rewards through Apple Pay-enabled lenders and issuers. This move aligns with Apple’s vision to eventually replace physical wallets entirely with Apple Wallet, which is already supporting various digital assets, including event tickets, transit cards, and government IDs. However, the adoption of digital IDs remains uneven across states, with California, Arizona, Colorado, and a few others currently offering digital driver’s licenses and state IDs.
As Apple Pay continues to grow, the company shared impressive statistics from its decade-long journey. Today, millions of consumers use Apple Pay across 78 markets, facilitating transactions on countless websites and apps, as well as in tens of millions of retail locations worldwide. With over 11,000 bank and network partners backing its payment technology, Apple Pay is well-positioned for continued expansion and innovation in the payment landscape.
