Apple to Launch “Buy Now, Pay Later” Service Similar to PayPal, Affirm
According to a new report by Bloomberg, Apple is preparing to launch a new “buy now, pay later” service in partnership with Goldman Sachs, which will allow users to pay off any Apple Pay purchase over time.
Being labeled internally as ‘Apple Pay Later,’ the service will work similar to popular offerings from PayPal and Affirm, and will use Goldman Sachs as the lender for the loans needed for the installment offerings.
Citing people familiar with the matter, the report adds that the new offering will not be tied to the Apple Card credit card and will not require the use of one. When making purchases through an Apple Pay Later plan, users will be able to choose any credit card to make their payments over time.
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.”
The Apple Pay Later service is expected to be available for purchases made at either retail or online stores.