Apple Is Working On Its Own Pay-Later Service With Apple Pay Later
Apple is reportedly working on its own pay-later service, dubbed Apple Pay Later. The service would allow customers to buy a product using Apple Pay and then pay for it in monthly installments.
According to a new Bloomberg report, Apple Pay Later will use Goldman Sachs as its banking partner, just as Apple Card also uses the same outfit.
However, the new scheme would not require that anyone have an Apple Card for the service to function — customers would be able to use any card they already have configured as part of Apple Pay.
The service is currently planned to work as follows: When a user makes a purchase via Apple Pay on their Apple device, they will have the option to pay for it either across four interest-free payments made every two weeks, or across several months with interest, one of the people said. The plan with four payments is called “Apple Pay in 4” internally, while the longer-term payment plans are dubbed “Apple Pay Monthly Installments.
There is no telling when the service would go live, but it’s sure to cause a stir when it does.
Apple is already under scrutiny from all corners of the globe as watchdogs try to decide whether the company has unfair advantages thanks to Apple Pay. Tagging a pay-later service onto it would surely do little to dissuade them from pressing on with new legislation.