Tech giant Apple is reportedly working on introducing the Apple Pay Later service. This will allow its users to purchase items and pay installments over time. Bloomberg reports that for this ‘buy now pay later,’ Goldman Sachs Group Inc. will be the lender. It will grant loans required for the installment offerings. Quoting people who are familiar with the matter, the publication said that the new service does not require the use of an Apple Card and is not tied to it.
This service can be used at retail or online stores. Currently, the company offers monthly installments which can be paid for its own products via the Apple Card. With the upcoming service, users will be able to pay in installments for any Apple Pay transaction.
The report further states that two options will be provided to users making purchases through Apple Pay. Users will be asked to select between either paying for several months with interest or making four interest-free payments every two weeks. Reportedly, the initial plan is called Apple Pay Monthly Installments, while the second plan has been termed as Apple Pay in 4. Any credit card can be used for availing of the Apple Pay Later plan.
The Bloomberg report also mentions that those users who want to avail the Apple Pay Later service can use it through the iPhone’s Wallet app. To apply for the services, users will have to submit a copy of their local ID card. Apple Pay Later users will also have the option to exit payment plans. They can pay off the remainder of their purchase balance. As per the company, the iPhone-based payment service is accepted at 85 percent of all retailers in the US.