Thursday, Jul 15, 2021, 12:56 Apple services

Bloomberg: Apple Is Working On "Apple Pay Later" – Feature Lets Customers Make Payments Later

Apple Pay is on the advance again. Within the last few months, Apple Pay has made its way over to numerous countries such as Mexico and Israel, in Germany, steps have been taken and purchases over the internet can now be made over the internet with a Girocard connected to the Wallet app. Now, according to Bloomberg, Cupertino is working on a new plan in order to make the service more attractive to potential customers. Soon, Apple Pay users will be able to schedule payments for a later point in time.

New Feature – "Apple Pay Later"
There are several credit card providers, such as Fintechs, that make their customers a special offer: instead of having to pay for all purchases immediately, customers can choose to pay in installments or to make payment deferals. With the Apple Card, which is currently exclusive to The United States, Apple offers several similar payment modalities. According to Bloomberg, the company is also working on an entirely new service called "Apple Pay Later" with a similar target group. The service would allow users to pay for purchases made online or in stores at a later point in time.

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Two Models For Different Financing Periods
In order to bring the new service (which won't require an Apple Card) to fruition, Apple is working together with Goldman Sachs. According to Bloomberg, users will be given a choice between two payment models – with "Apple Pay in 4", a payment will be due every two weeks until the entire payment has been completed in eight weeks. The payments are without interest. The situation's a little different with "Apple Pay Monthly Installments", which allows customers to make payments over a longer period of time, however, these payments do have an interest rate which Bloomberg was unable to determine. Those interested should have easy access to Apple Pay Later – the application process is similar that of the Apple Card's, and don't forget – Apple will need to check your credit score.

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