Apple continues its adventure within the lark mirror wonderful world of payment services, with a novelty in development, according to Bloomberg. It would be Apple Pay Later, a split payment service type ” Buy now, pay later » (BNPL).
When a consumer makes a purchase from Apple Pay on their iPhone, they will be able to pay for the painful payment in four free installments every two weeks (” Apple Pay in 4 “), Or over several months but with interest (” Apple Pay Monthly Installments “). Apple Pay Later would be offered for purchases made online as well as in physical stores.
If Apple launched with this new service, it would not be alone of course. PayPal has something equivalent (Pay in 4), just like at Affirm or Sezzle. It is Goldman Sachs who would once again be Apple’s partner, the funds loaned to Apple Pay users would come from the bank, which also serves as the financial backbone of Apple Card. However, the Apple Pay Later and Apple Card services would have nothing to do with it, you don’t have to be an Apple Card customer to be able to pay in installments with Apple Pay.
This strengthening of the partnership between Apple and Goldman Sachs also suggests that only the United States will be affected by this new service. The BNPL split payment is also in the sights of the European Commission currently following abuses in France and elsewhere: amounts less than € 200 over less than 90 days would no longer be excluded from the Lagarde law of 2010 whose objective is to reduce the risks surrounding consumer credit.
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