Apple are reportedly developing a “buy now, pay later” system through Apple Pay as customers will be granted loans when making purchases.
As reported by Bloomberg via Hypebeast, the tech giants will work with Goldman Sachs to produce the feature titled Apple Pay Later, as the loan given can be paid back over time in instalments. To use this service, there will also be no need to own an Apple Card.
Insiders close to the project believe that there will be two options for users when using Apple Pay Later: four interest-free payments every two weeks or a longer-term payment over several months with interest.
Loans can be paid with your credit card as the service can be used both for online and physical shopping, this is similar to what companies like PayPal offer.