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 function or service is called "Apple Pay Later" internally and is to be integrated directly into Apple's payment system. Cupertino is to work with Goldman Sachs on the new offer. The investment institute 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 that is already available to Apple Card users. Apple Card owners can already purchase iPhones and other Apple devices with 0% financing over 24 months.
Apple Pay Later: Regulators could cause trouble
Essentially, Apple will soon allow 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 fell by more than $10. Be that as it may, the integration of this feature will no doubt attract the attention of regulators, as governments are already seeking reform from big tech. It is currently unknown when "Apple Pay Later" will be introduced. (Photo by Unsplash / CardMapr.nl)
