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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.

Apple-Pay-Feature.jpg

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.


Article Link: Apple Working on 'Apple Pay Later' Feature With Monthly Installments for Apple Pay Purchases
 
I will have to disagree. As long as you are responsible, you can make good credit work to your advantage.
Cash doesn't give me cash back and doesn't give me purchase protection.
I haven't had cash on me for years now. I honestly don't even know what our "new" coins and bills look like (Sweden).
In order to have a good credit card around and have features like cash back you have to have cash or else the bank won’t be approving u :)
 

chachawpi

macrumors regular
Feb 7, 2009
139
159
I haven't had cash on me for years now. I honestly don't even know what our "new" coins and bills look like (Sweden).
Heh, my wife and I were in Stockholm in 2014 and had some currency left-over. We tried to use it in Malmo in 2017 and learned that the currency had changed. Luckily it was only around 220 SEK.
 
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Unregistered 4U

macrumors 604
Jul 22, 2002
6,792
4,701
I will have to disagree. As long as you are responsible, you can make good credit work to your advantage.
Yeah, credit can be an impressive force multiplier when used correctly. Actually having a million dollars cash is an even MORE impressive force multiplier, but far more people will be able to have 1 million dollars credit than actually have 1 million dollars cash.
 

orbital~debris

macrumors 68000
Mar 3, 2004
1,642
3,650
UK, Europe
Really surprised there's no mention of the very popular services Klarna & Clearpay in this post.

Those services, particularly the former, have taken over to some extent in the UK and appear on checkout screens of many an app or website.
 
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mansplains

macrumors 6502a
Jan 8, 2021
527
714
I would love this, I've used Affirm previously and it's worked out great. Ideally, I would have the money to back the purchase all at once anyway, but I think more payment options for the fiscally responsible is good. It doesn't matter if you're bad with money whether you're using credit or not in my experience, banks charge the heck out of you for being poor; monthly fees for an account under a threshold, fees for no direct deposit, overdraft fees, etc... altogether not much different from the interest you pay on credit, let alone the fact that you agree to all of these things.
 

SpringKid

macrumors 6502
May 17, 2019
268
560
Iceland is all credit cards like the United States. Germany still loves their cash and is probably 50/50. There is no such thing as pay at the pump for fuel in Germany.
Yeah, going to Germany always results in a lot of Euros in a drawer coming back home again.
 

SpringKid

macrumors 6502
May 17, 2019
268
560
Really surprised there's no mention of the very popular services Klarna & Clearpay in this post.

Those services, particularly the former, have taken over to some extent in the UK and appear on checkout screens of many an app or website.
Same in Sweden. Everyone here expects Klarna as an option in Swedish online stores.
 
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