Bloomberg - Are you a robot?
By
Mark Gurman
and
Sridhar Natarajan
July 13, 2021, 2:01 PM EDT Updated on July 13, 2021, 2:27 PM EDT
Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the “buy now, pay later” offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc.
The upcoming service, known internally as Apple Pay Later, will use Goldman Sachs Group Inc. as the lender for the loans needed for the installment offerings, according to people with knowledge of the matter. Goldman Sachs has been Apple’s partner for the Apple Card credit card since 2019, but the new offering isn’t tied to the Apple Card and doesn’t require the use of one, said the people, who asked not to be named discussing unannounced products.
The buy now, pay later system could help drive Apple Pay adoption and convince more users to use their iPhone to pay for items instead of standard credit cards. Apple receives a percentage of transactions made with Apple Pay, driving additional revenue to the company’s more than $50 billion per year services business.
The service is currently planned to work as follows: When a user makes a purchase via Apple Pay on their Apple device, they will have the option to pay for it either across four interest-free payments made every two weeks, or across several months with interest, one of the people said. The plan with four payments is called “Apple Pay in 4” internally, while the longer-term payment plans are dubbed “Apple Pay Monthly Installments.”
When making purchases through an Apple Pay Later plan, users will be able to choose any credit card to make their payments over time. The service is planned to be available for purchases made at either retail or online stores. Apple already offers monthly installments via the Apple Card for purchases of its own products, but this service would expand that technology to any Apple Pay transaction.
The interest rates that Apple plans to charge for the monthly installments couldn’t be learned. Affirm charges as much as 30% APR, while other rivals charge less. The interest-free four installment plans would rival similar systems like ones from Afterpay Ltd, Klarna Bank AB and Sezzle Inc. in addition to PayPal’s popular Pay in 4 service.
Affirm fell as much as 13% on the news, while PayPal declined about 1.4%.
acquired a company that developed technology to allow phones to receive payments by tapping another phone or credit card on its back, adding another potential feature to the Apple payments road map.
By
Mark Gurman
and
Sridhar Natarajan
July 13, 2021, 2:01 PM EDT Updated on July 13, 2021, 2:27 PM EDT
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Service to let users pay off any Apple Pay purchase over time -
Fresh partnership with Apple could boost Goldman consumer push
Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the “buy now, pay later” offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc.
The upcoming service, known internally as Apple Pay Later, will use Goldman Sachs Group Inc. as the lender for the loans needed for the installment offerings, according to people with knowledge of the matter. Goldman Sachs has been Apple’s partner for the Apple Card credit card since 2019, but the new offering isn’t tied to the Apple Card and doesn’t require the use of one, said the people, who asked not to be named discussing unannounced products.
The buy now, pay later system could help drive Apple Pay adoption and convince more users to use their iPhone to pay for items instead of standard credit cards. Apple receives a percentage of transactions made with Apple Pay, driving additional revenue to the company’s more than $50 billion per year services business.
The service is currently planned to work as follows: When a user makes a purchase via Apple Pay on their Apple device, they will have the option to pay for it either across four interest-free payments made every two weeks, or across several months with interest, one of the people said. The plan with four payments is called “Apple Pay in 4” internally, while the longer-term payment plans are dubbed “Apple Pay Monthly Installments.”
When making purchases through an Apple Pay Later plan, users will be able to choose any credit card to make their payments over time. The service is planned to be available for purchases made at either retail or online stores. Apple already offers monthly installments via the Apple Card for purchases of its own products, but this service would expand that technology to any Apple Pay transaction.
The interest rates that Apple plans to charge for the monthly installments couldn’t be learned. Affirm charges as much as 30% APR, while other rivals charge less. The interest-free four installment plans would rival similar systems like ones from Afterpay Ltd, Klarna Bank AB and Sezzle Inc. in addition to PayPal’s popular Pay in 4 service.
Affirm fell as much as 13% on the news, while PayPal declined about 1.4%.
acquired a company that developed technology to allow phones to receive payments by tapping another phone or credit card on its back, adding another potential feature to the Apple payments road map.
Man when I tell you I only use they bs card for the kids robux and stuff like that. This is hopefully a game changer.
Shyt gonna be legit
