What you need to know
- Apple is reportedly working on an 'Apple Pay Later' service.
- It could let users make purchases with Apple Pay and then pay off the money over time.
- The rumor has sent the shares of potential rival services tumbling.
A new report that Apple is working on an 'Apple Pay Later' feature has sent the shares of potential rival firms tumbling.
As reported by Reuters:
Specifically, the report notes Australian firm Afterpay, the countries biggest BNPL (buy now pay later) firm, the shares of which fell nearly 10% Wednesday, it also notes smaller firms:
According to Bloomberg Apple is working on an 'Apple Pay Later' scheme that would let users pay for Apple Pay purchases over time, using Goldman Sachs Group as the lender for the loans that would be needed for installment offerings. Bloomberg says the new service isn't tied to Apple Card, which is also backed by GS and offers some financing options for customers who want to buy Apple products like the iPhone 12.
According to Bloomberg, users will be able to split payments into four interest-free installments, or over longer periods with interest, much like other BNPL companies.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9