Apple launches pay-later service, iPhone, Watch updates

The new payment feature, called Apple Pay Later, is a highly anticipated addition to the Wallet app. Bloomberg previously reported that the service was coming, part of an expansion into the finance world that also includes bringing more of its infrastructure in-house. Monday’s announcement hurt shares of Affirm Holdings Inc., which offers a similar pay-later service.

The presentation, part of a weeklong event, previews key features for Apple’s developers, which now number 34 million, according to Chief Executive Officer Tim Cook. Apple’s latest iPhone software, iOS 16, will include the new lock screen, letting users personalize the feature and view widgets — bits of software that handle simple tasks. A feature called Live Activities will make it easier to keep track of events or activities, such as an NBA game or an Uber ride, Senior Vice President Craig Federighi said at the event.

The peek at the software features comes a few months ahead of the launch of a new iPhone — Apple’s flagship product — which typically gets unveiled in the fall. That device accounted for more than half of the company’s revenue in the last fiscal year, generating almost $192 billion.

The announcements also included an update that will let users edit messages they’ve already sent and unsend messages. And Apple’s CarPlay is getting an overhaul that will integrate more tightly with a vehicle’s instruments, such as the speedometer and other gauges.

The Apple Watch also is getting improvements, such as atrial fibrillation detection to help with heart health. And the device’s latest software — watchOS 9 — will better track sleep to indicate what stage users are experiencing at different times at night.

In addition, the watch will get more so-called complications — the pieces of information on the device’s face.