Apple Pay is reportedly getting a “Buy Now, Pay Later” feature
Apple is reportedly working on a version of a “buy now, pay later” service that uses Apple Pay. Anonymous sources told Bloomberg that the service, internally called Apple Pay Later, will let you use Apple Pay to buy stuff and spread the payments out over four interest-free payments every two weeks. (You can choose a lengthier pay-off period, but you will have to pay interest.)
While Apple Pay Later wouldn’t require you to get an Apple Card, it will reportedly require you to apply for approval via the Wallet app. Like the Apple Card, Apple Pay Later is reportedly a partnership between Apple and Goldman Sachs. Being approved for the service would require submitting a copy of a local ID card, but not a hard credit check. As with the Apple Card, payments would be managed through the Wallet app.
The rumoured features also are similar to those currently offered by Affirm Holdings, PayPal, Afterpay, and other “pay later” services. For instance, Apple’s version would also eschew late and processing fees, as well as allow users to create a temporary Apple Pay Later card for a single purchase. It would also be available both in-store and online.
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Source: Apple Pay Is Reportedly Getting a “Buy Now, Pay Later” Feature