Apple Pay Later: Apple Reportedly Developing 'Pay Later' Feature

Buy Now, Pay Later: Apple's Potential New Service

Recent trends in online commerce have seen a rise in "buy now, pay later" services. Platforms like Affirm and PayPal’s Pay in 4 are becoming increasingly common, enabling customers to divide purchases into manageable installments.

Apple Pay Later in Development

It appears Apple is poised to enter this market. Reports indicate the company is collaborating with Goldman Sachs to introduce a service known as “Apple Pay Later.”

This forthcoming feature will extend the convenience of installment payments to Apple Pay users. It will encompass both online and in-store transactions.

Payment Options

Users will reportedly have a choice of two payment structures. One option, dubbed “Apple Pay in 4,” will facilitate purchases through four equal, interest-free payments over a two-month period.

Alternatively, a longer-term payment plan will be available. However, this extended option will accrue interest. The specific interest rates and the launch timeline remain undisclosed, as per Bloomberg’s reporting.

Alignment with Existing Services

Apple has been contacted for confirmation and further details. Updates will be provided as information becomes available.

Apple Pay Later appears to be a natural progression from the existing features of the Apple Card. The Apple Card already provides installment plans for purchases of Mac and iPad products.

Note: This article was originally published on Engadget.