Apple Working on 'Apple Pay Later' Feature With Monthly Installments for Apple Pay Purchases
Apple is developing a new pay later service that will let customers pay for Apple Pay purchases in installments over time, reports Bloomberg. Installment payment options will be available for all Apple Pay purchases, with the feature not limited to Apple products.
The service is similar to Paypal's Buy Now, Pay Later feature, and internally, it's being called "Apple Pay Later."
Apple is planning to partner with Goldman Sachs on the Apple Pay installments plan, with Goldman Sachs serving as the lender for the loans needed for the monthly installment plans. Apple currently works with Goldman Sachs on the Apple Card, but the new installment plan option is not limited to the Apple Card and will not require users to have an Apple Card to use the feature. According to Bloomberg, when a user makes a purchase using Apple Pay, they will be able to pay for it across four interest-free payments made every two weeks or across several months with interest.
The four payment play is called "Apple Pay in 4" internally, while the longer-term payment plans are dubbed "Apple Pay Monthly Installments." Users will be able to choose any credit card to make their payments over time with the Apple Pay Later plan, and it is not yet clear what interest rates will be.
As with the Apple Card, Apple Pay Later users will need to be approved through an application submitted through the Wallet app on the iPhone, which is also where payments will be managed. The service will not require a running credit check. Some of the Apple Pay Later plans will exclude late fees and processing fees, costing users only interest for the longer-term plans.
Apple is hoping the buy now, pay later system will increase Apple Pay adoption and persuade iPhone users to use their iPhone to pay for items instead of standard credit cards. According to Bloomberg, the service is still in development and features could be changed or canceled before it launches.
Popular Stories
Apple's next-generation iPhone 17 Pro and iPhone 17 Pro Max are less than three months away, and there are plenty of rumors about the devices.
Apple is expected to launch the iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max in September this year.
Below, we recap key changes rumored for the iPhone 17 Pro models:Aluminum frame: iPhone 17 Pro models are rumored to have an...
The long wait for an Apple Watch Ultra 3 appears to be nearly over, and it is rumored to feature both satellite connectivity and 5G support.
Apple Watch Ultra's existing Night Mode
In his latest Power On newsletter, Bloomberg's Mark Gurman said that the Apple Watch Ultra 3 is on track to launch this year with "significant" new features, including satellite connectivity, which would let you...
The upcoming iPhone 17 Pro and iPhone 17 Pro Max are rumored to have a slightly different MagSafe magnet layout compared to existing iPhone models, and a leaked photo has offered a closer look at the supposed new design.
The leaker Majin Bu today shared a photo of alleged MagSafe magnet arrays for third-party iPhone 17 Pro cases. On existing iPhone models with MagSafe, the magnets form a...
The iPhone 17 Pro Max will feature the biggest ever battery in an iPhone, according to the Weibo leaker known as "Instant Digital."
In a new post, the leaker listed the battery capacities of the iPhone 11 Pro Max through to the iPhone 16 Pro Max, and added that the iPhone 17 Pro Max will feature a battery capacity of 5,000mAh:
iPhone 11 Pro Max: 3,969mAh
iPhone 12 Pro Max: 3,687mAh...
iOS 26 and iPadOS 26 add a smaller yet useful Wi-Fi feature to iPhones and iPads.
As spotted by Creative Strategies analyst Max Weinbach, sign-in details for captive Wi-Fi networks are now synced across iPhones and iPads running iOS 26 and iPadOS 26. For example, while Weinbach was staying at a Hilton hotel, his iPhone prompted him to fill in Wi-Fi details from his iPad that was already...
Apple today seeded the second betas of upcoming iOS 18.6 and iPadOS 18.6 updates to public beta testers, with the betas coming just a day after Apple provided the betas to developers. Apple has also released a second beta of macOS Sequoia 15.6.
Testers who have signed up for beta updates through Apple's beta site can download iOS 18.6 and iPadOS 18.6 from the Settings app on a compatible...
Apple's position as the dominant force in the global true wireless stereo (TWS) earbud market is expected to continue through 2025, according to Counterpoint Research.
The forecast outlines a 3% year-over-year increase in global TWS unit shipments for 2025, signaling a transition from rapid growth to a more mature phase for the category. While Apple is set to remain the leading brand by...
Apple is developing a MacBook with the A18 Pro chip, according to findings in backend code uncovered by MacRumors.
Subscribe to the MacRumors YouTube channel for more videos.
Earlier today, Apple analyst Ming-Chi Kuo reported that Apple is planning to launch a low-cost MacBook powered by an iPhone chip. The machine is expected to feature a 13-inch display, the A18 Pro chip, and color options...
