According to a Bloomberg report, the Silicon Valley giant is working with the intention of allowing consumers to pay for a gradual purchase. The move will push Apple into a fast-growing “buy now, pay later” category.
The report goes on to say that the company will work with Goldman Sachs Group as a lender made up of. Apple Pay. Since 2019, the Sachs team has remained Apple’s partner in the issuance of the Apple Card credit card.
Apple is working on the ‘Buy Now, Pay Later’ Service: Report
The new service will allow Apple Pay users to pay for those products in the amount of 4 interest-free payments that will have to be paid within two weeks. Alternatively, you can also choose a monthly plan but you will have to pay interest.
In the United States, Australia, and Europe, the BNPL (buy now, pay later) is being developed as an alternative to credit cards. The service has gained great popularity among the COVID-19 epidemic as users are looking for alternative ways to purchase their wallets.
However, the prospect of rising against a major company like Apple and PayPal is likely to test Australian pure BNPL companies that have not yet been matched by the U.S. market. According to Wedbush Securities analyst Moses Katri,