Similar to PayPal’s Pay in 4, Apple is now teaming up with Goldman Sachs yet again to bring the Buy Now, Pay Later system into its Apple Pay Service, says Bloomberg.
Many online stores usually have services like Klarna, Affirm, or as said before PayPal’s Pay in 4 to push you to rather than pay in full, you pay in installments. Apple’s upcoming service is set to compete with that – with an important difference being that it’s baked into all Apple Devices, and any store that has Apple Pay support, will have Buy Now, Pay Later support.
You’ll have the option to pay in four interest-free installments over two weeks if you pick “Apple Pay in 4” or pay interest over several months if you pick “Apple Pay Monthly Installments,”. Bloomberg also states that there will be no credit check required, and certain plans will not have late fees. But, there is no info on when Apple will release this, or how much interest they will make you pay.
Bloomberg also states that if you want to use the service you will need to be approved via an application submitted through the Wallet app, where they will also be able to manage their payments. Apple will also need your Local ID to verify you.
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