Apple is readying a new service that will allow Apple Pay users to buy products and pay them off in monthly installments, rivalling existing monthly payment plan options from the likes of Affirm and PayPal. Bloomberg says this feature is in development and internally named ‘Apple Pay Later’.
However, Apple’s service would be directly integrated with Apple Pay. Apple is said to be partnering with Goldman Sachs on the new scheme. Goldman Sachs already serves as the backing bank behind the Apple Card.
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