Payments over monthly installments are always a favourite among online customers. There are many payment methods including Affirm’s and PayPal’s Pay in 4 that allow customers to buy then and pay later. Apple Pay is reported to set a similar feature where you can purchase goods and settle the purchases over time in their payment app according to Bloomberg.
Bloomberg has reported that Apple Pay in partnership with Goldman Sachs has been working on a ‘pay later’ update. The update is set to have two new payment options. You can either pay for it in four installments over two months with zero interest or you can extend the time of paying back by remitting an interest. The interest rate is not revealed.
This move by Apple Pay is a direct threat to other payment apps. Apple Card credit card was also successful in gaining the trust of its customers. If the new option is to follow a similar trend, then it is no doubt that the app will emerge higher than the already existing ones.
Goldman Sachs is already the financial support behind Apple Card credit cards since 2019. But this new partnership is not related to the credit card as there is no connection between the card and the new feature. The new feature can be enjoyed by everyone with no need for Apple Card membership.
