Apple Pay Later is nearing a launch in the coming weeks, according to Mark Gurman at Bloomberg. The buy-now-pay-later offering will allow customers to buy something using Apple Pay on their iPhone in four instalments over the course of six weeks. The service is offered for free to customers, with zero interest attached.
Apple will use past spending on hardware and services to evaluate customer creditworthiness. This means customers with a good history of spending on Apple’s devices at retail stores are more likely to be accepted into the buy now pay later service, as Apple will use that as a strong indicator that they will be able to repay the loan.
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