Apple is reportedly working on a buy now, pay later service to offer through Apple Pay Later. This service is similar to Affirm and PayPal’s Pay in 4. This service allows you to purchase items for now and pay it in installments later.
Nowadays, online shopping is becoming more and more prominent. This is most especially true since the start of the pandemic that people cannot go outside and do their usual shopping routine. And you might probably use online money transaction apps like PayPal. And great news because Apple may possibly offer a much more flexible feature for you through Apple Pay. Continue reading for the details of this service.
“Apple Pay Later”
According to Bloomberg and Engadget, the tech giant is working on a similar option offered by other companies. Apple is working on this feature with Goldman Sachs on a service called “Apple Pay Later”. From the name itself, you get to settle your payment over time. And this is applicable not only with online shopping but with physical shops as well.
It is indicated that Apple Pay users will have the option to choose between “Apple Pay in 4” and extension. The former allows you to pay your purchase within four interest-free payments across two months. Quite a good deal as you have no additional payment to make and you get to extend for two months. The latter, on the other hand, is the extension which allows you to extend the payment period over multiple months. However, this is where interest comes in.
Take note that the service is unclear yet of when it will be launched and how much interest the company plans to charge. No further comments and confirmation from Apple has been reported yet as of today.
Do You Need An Apple Card For This?
And you might be wondering if you need an Apple Card for Apple Pay later. No need to worry, because you may still take advantage of it without signing up for the Apple Card.
Customers who already use the Apple card may already be familiar with this service. Moreover, services similar to this are already available in Apple Card wherein customers can take advantage of the perk of installment plans whenever they purchase Mac and iPad devices. So it seems to be the next move for the company.
And given the increase of use of Affirm, Klarna, or PayPal’s Pay In 4, it seems like Apple is in it for the competition. However, given that millions of devices already use Apple for their payment, it is more likely to be supported by users.
In a different perspective, it is still a must for people to be careful in their finances. Companies may not aim to put their clients in debt, but there is a possibility. And flexibility comes with a price which is the interest. Make sure to be aware of all terms included in the service, and ensure that you have the means to sustain it.