Apple Pay with "Buy Now, Pay Later" Installment Option Available on iPhone

[Asia Economy Reporter Seulgina Jo] Apple is developing a new service that allows iPhone users to purchase various products in installments through Apple Pay.

Bloomberg reported on the 13th (local time), citing anonymous sources, that the service is internally known as "Apple Pay Later," and the installment loan provider will be Goldman Sachs Group. Goldman Sachs has been Apple's Apple Card partner since 2019.

Accordingly, when selecting 'Apple Pay in4,' users can split the total payment amount into four interest-free installments over two weeks. This is similar to services offered by PayPal and Afterpay.

'Apple Pay Monthly Installments' allows payments over several months with interest. However, the exact interest rate has not been disclosed. The installment interest rate of the U.S. fintech company Affirm reaches up to 30% annually, but other competitors reportedly offer lower rates, Bloomberg added.

Apple Pay Later will be available both in offline stores and online. Apple has already provided a service that allows monthly installments through Apple Card when purchasing its products. This expands that service to all Apple Pay transactions.

However, representatives from Apple and Goldman Sachs did not comment on the related reports. Goldman CFO Stephen Scherr mentioned during the earnings announcement that "there will be more opportunities to work with Apple." Bloomberg evaluated this service as the most notable addition since the launch of Apple Pay in 2014.

This content was produced with the assistance of AI translation services.