What's the news
Apple Inc is planning a new service that will allow consumers to ‘buy now, pay later’. The service will be applicable for any Apple Pay purchase and the amount can be paid in installments over time. The upcoming service is known as Apple Pay Later internally. It will use Goldman Sachs as the lender for loans required for the installment schemes
More to know
When a user makes a purchase via Apple Pay on their Apple device, they will be given a choice to pay for it interest-free every two weeks or with interest across several months. The plans are internally called ‘Apple Pay in 4’ and ‘Apple Pay Monthly Installments’.