FP trendsJuly 14, 2021 17:52:47 IST
Tech giant Apple is reportedly about to launch the Apple Pay Later service. This allows its users to purchase products and pay for items over time. Bloomberg reports that here ‘buy now pay later’ Goldman Sachs Group Inc. will be the lender. It grants loans required for installment offers. Quoting people familiar with the issue, the release said the new service does not require or be tied to an Apple card.
This service can be used in retail or online shopping. Currently, the company offers monthly installments that can be paid for its own products through an Apple Card. The upcoming service will allow users to pay in installments for all Apple Pay transactions.
The report further states that two options will be offered to users who shop through Apple Pay. Users are asked to choose to either pay interest for several months or make four interest-free payments every two weeks. The original plan is said to be Apple Pay monthly payments, while the second plan is called Apple Pay in year 4. Any credit card can be used to use the Apple Pay Later plan.
Bloomberg report also mentions that users who want to use the Apple Pay Later service can access it through the iPhone Wallet app. To apply for services, users must provide a copy of their local ID card. Apple Pay Later users also have the option to opt out of payment plans. They can pay the rest of their purchase balance. According to the company, the iPhone-based payment service is accepted by 85 percent of all retailers in the United States.