Apple is considering a "buy now, pay later" service for Apple Pay, which would allow users to pay for a purchase in monthly installments instead of all at once.
Apple launches 'buy now, pay later' service that lets users make payments over a 6-week period
Bloomberg Wealth reports that the service, internally dubbed “Apple Pay Later,” will use Apple Card partner Goldman Sachs as a lender for the proposed installment plan. Moving forward, the service is expected to offer Apple Pay users the option to pay overtime at the point of sale. They’ll have the option to make a total of four payments, once every two weeks with no interest, or multiple payments over several months with interest.
It appears that the service will be available for purchases in physical stores and online stores that accept Apple Pay. Users will be able to pay with any of their credit cards.
While there is currently no information on what the interest rates for long-term payments will be, that interest will only be applied to long-term plans. Users can also pay off their remaining balance early if they have the means or desire to do so.
