- Apple and Goldman Sachs are launching a “buy now, pay later” service, sources told Bloomberg.
- Apple Pay Later will let you pay for products over several months, sources said.
- It will be available on any credit card connected to Apple Pay, the sources said.
Apple is teaming up with Goldman Sachs to launch its own “buy now, pay later” service, according to a Bloomberg report published Tuesday.
“Apple Pay Later” will be available on Apple devices via the Wallet app, allowing customers to buy products and split the payment over multiple months, people with knowledge of the matter told Bloomberg. They did not say when it was expected to launch.
The service, which will rival the likes of Affirm and Klarna, will be available to use in retail stores or when buying online, the sources told Bloomberg.
Users will be able to choose from two options when paying through Apple Pay Later, the people said.
The first option, “Apple Pay in 4,” is four interest-free payments, made every two weeks, one of the sources told Bloomberg.
The second is “Apple Pay Monthly Installments,” which splits payments over several months, with interest, the source added.
The people didn’t reveal to Bloomberg how much interest Apple plans to charge on the monthly installments option.
Users will have to apply via Apple’s Wallet app if they want to use Apple Pay Later, those familiar with the matter told Bloomberg.
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Goldman Sachs, which partnered with Apple in 2019 to launch the Apple Card credit card, will be the lender for the loans required for payments in installments, according to Bloomberg’s sources.
Apple and Goldman’s new payment service is still in development and its features could be changed or canceled, the sources added.
Apple Card holders can already make their payments over time, but only when they’re buying Apple’s own products — for example, you can pay for an iPhone in 24 monthly installments.
The new deal will expand this to any credit card when users buy products via Apple Pay, sources told Bloomberg.
Insider asked Apple and Goldman for comment, but did not immediately receive a response.