Apple is developing its own “buy now, pay later” installment service. Goldman Sach, one of the world’s largest investment banks, helps the company in creating the project. Bloomberg writes about this, with reference to information received from sources.
According to media reports, the new service will be introduced to the market under the name Apple Pay Later. With its help, users of the company’s devices will be able to pay for goods and services that can be paid via Apple Pay in installments.
BloomChain noted that four interest-free payments will be available to Apple Pay Late users. They will need to be translated within two weeks. According to sources, the program was named “Apple Pay in 4”.
Also, the service will have available other, longer-term interest-based installment plan programs. What kind of charges are in question is unknown.
NIXsolutions notes that with the new Apple product, users will be able to purchase installments in both physical stores and online platforms.
The service will be credited to Goldman Sachs. The company has been cooperating with an investment bank for several years. The financial institution, among other things, helped Apple issue a credit card in 2019.
Apple Pay Late will be available to all Apple Pay users. To get started, you will need to verify your identity through an ID card in the wallet of the payment platform. At the same time, you do not need an Apple bank card to issue an installment plan.
Why Apple Needs Pay Late
Bloomberg noted that the launch of the service will help the company scale the Apple Pay payment system. Also, a new product, according to analysts, can have a positive effect on the level of income of the organization. The fact is that the company makes money from Apple Pay transactions.
Apple Pay Later will compete with “buy now, pay later” services from companies such as Affirm Holdings and PayPal.