‘Apple comes with installment purchases’ | Financial

Apple already has payment service Apple Pay, for which Apple partners with hundreds of banks in many countries whose debit and credit cards can be linked to the service. The installment purchase service should be called Apple Pay Later. Goldman is the partner for the loans that customers take out.

Apple Pay Later

With the Pay Later service, Apple would give users the chance to repay within two months without paying interest or take longer to pay but then pay interest. The service should work for both regular and online stores. Apple will probably receive a percentage of the amount spent, just like with regular Apple Pay payments. The service would mean competition for companies such as Klarna, PayPal and Affirm.

For Apple, expanding financial services is not only an additional way to earn money, but also a way to retain iPhone users. Goldman Sachs is originally more of an investment bank that is strong on Wall Street, but is also trying to enter the consumer market through the collaboration with Apple.

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