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
iOS 17.2 has been in beta testing for over a month, and it should be released to all users in a few more weeks. The software update includes many new features and changes for iPhones, including the dozen that we have highlighted below. iOS 17.2 is expected to be released to the public in mid-December. To learn about even more features coming in the update, check out our full list. Journal ...
Unidentified governments are surveilling smartphone users by tracking push notifications that move through Google's and Apple's servers, a US senator warned on Wednesday (via Reuters). In a letter to the Department of Justice, Senator Ron Wyden said foreign officials were demanding the data from the tech giants to track smartphones. The traffic flowing from apps that send push notifications...
Apple today released new firmware update for both the Lightning and USB-C versions of the AirPods Pro 2. The new firmware is version 6B34, up from the 6B32 firmware introduced in November. Apple does not provide details on what features might be included in the refreshed firmware beyond "bug fixes and other improvements," so it is unclear what's new in the update, but prior software releases ...
The iOS 17.2 update that Apple is set to release to the public in the near future will bring support for the next-generation Qi2 wireless charging standard to the iPhone 13 and iPhone 14 models. Qi2 was mentioned in the release notes for the RC version of the update that came out today. With the addition of support for the new standard, iPhone 13 and iPhone 14 models will work with Qi2...
Meta has revealed plans to end Instagram users' ability to chat with Facebook accounts later this month, rolling back a feature that it introduced over three years ago. In September 2020, Meta (then Facebook) announced it was merging its Facebook Messenger service with Instagram direct messaging, allowing Instagram users to chat with Facebook users and vice versa using the same platform....
Apple's Korean suppliers have begun developing smartphone under-display cameras (UDC), paving the way for the first iPhone with a true "all-screen" appearance. According to The Elec, LG Innotek has entered the preliminary development of the UDC, which sits under the display and does not result in a visible hole in the panel when the camera is not in use. A UPC differs from a typical front ...
Today we're tracking a collection of deals that are matching - or nearly matching - the same all-time low discounts we saw during Black Friday. This includes the AirPods Pro 2 with USB-C, 9th generation iPad, and M1 MacBook Air. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep the ...
Apple has asked the Indian government to exempt existing iPhones from new rules that require smartphones sold in the country to have a USB-C charging port, reports Reuters. India wants to replicate an upcoming European Union rule that requires all smartphones to implement the USB-C charging standard. However, according to a new report, Apple has told India its local production targets will...
Top Rated Comments
This new program will probably bring more sales for Apple.