Bloomberg has recently reported that Apple is set on a new ‘pay later’ service for its Apple Pay platform. Once realized, installment options will become available for all purchases made with Apple Pay and won’t be limited to just Apple products.
Internally, the service is tagged ‘Apple Pay Later’ and will work similarly to PayPal’s ‘Buy Now Pay Later’ feature.
For the installment plan to work, Bloomberg mentioned that a partnership with Goldman Sachs is necessary. They will be the lender for loans while Apple takes care of the front end. Goldman Sachs says that purchases made with Apple Pay can be paid back across several months, titled ‘Apple Pay Monthly’ or in four bi-weekly payments, titled ‘Apple Pay in 4’.
Users will need to be approved of the service to be able to use Apple Pay Later. This can be done by going to the iPhone Wallet app. It’s worthy to note that a running credit check won’t be done to determine eligibility.