Apple is preparing a new service that will allow Apple Pay users to purchase products and pay for them in monthly installments. This will allow Apple to compete with existing services such as PayPal and Affirm, Bloomberg reports.
Bloomberg according to The new feature or service is internally called "Apple Pay Later" and will be integrated directly into Apple's payment system. Cupertino is said to be collaborating with Goldman Sachs on the new offering. The investment institution is already the card-issuing bank behind the Apple Card. So-called "buy now, pay later" offers have experienced a certain upswing in recent years. The new feature sounds like an extension of the program already available to Apple Card users. Apple Card holders can already purchase iPhones and other Apple devices with 24-month financing.
Apple Pay Later: Regulators could cause trouble
Essentially, Apple will soon allow its users to buy anything with Apple Pay and pay it off with a monthly financing plan. Goldman Sachs will be the underlying lender for the installment plans. In response to the report, Affirm's share price plummeted by more than 10 percent. Be that as it may, the integration of this feature will undoubtedly attract the attention of regulators, as governments are already seeking reform from Big Tech. When exactly "Apple Pay Later" will be introduced is currently unknown. (Photo by Unsplash / CardMapr.nl)
