Apple has decided to introduce a service for shoppers where they can pay for purchases in installments. The company plans to help the iPhone maker to become a part of “buy now, pay later” sector.
According to Bloomberg reports, Apple plans to use its partner Goldsman Sachs Group as the lender for the loans made through Apple Pay.
This service will permit Apple Pay users to pay for their purchases through two options. Either across four interest-free payments made every two weeks which is known as “Apple pay in 4” or across several months with interest known as “Apple pay monthly installments”.
The buy now, pay later service will be a great initiative for people to adopt Apple Pay and it will convince more users to use their iPhone to pay for items instead of standard credit cards.
Apple Pay is a source for additional revenue for the company. Apple receives a percentage of transactions made with its service which adds in its $50 billion revenue per year.
Apple does have a service which offers monthly installments through its card for the purchase of its own products but with “buy now, pay later” service will be available for any Apple Pay transaction.
Although, the interest rates that Apple plans to charge for the monthly installments haven’t been revealed yet.
To use this service, users will have to submit an application through the iPhone’s Wallet app. They will be required to submit a copy of their local ID.
This new service by Apple is still in development and its features could be changed or be canceled but the spokespeople for Apple and Goldman Sachs did not confirm anything yet.
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