New Apple Service That Lets You Pay In Installments

  • Reese Smith
  • 14 Jul 2021

Apple is currently working on a new product that will allow customers to purchase goods on an installment plan. According to Bloomberg, the so-called Apple Pay Later service will be launched as part of a contactless payment option. Apple Pay users will be able to get the items they want now, even if they don't have the funds to do so.

However, this service does not require the use of an Apple Card. However, the card that a client will pay with should still be a credit one. It's just that at the moment of making a payment through Apple Pay, a bank itself will split the transaction into several smaller amounts that can be paid out gradually as a regular installment plan. True, while Apple has not decided about periods.

Customers are expected to be offered two options to choose from. In the first case, they will be able to pick an interest-free installment plan. The whole amount will be split into four parts, each of which should be paid within two weeks. That is, the full cost can be given in two months. This option is ideal for small purchases.

Also, customers will be able to opt for a longer-term installment plan (several months), but then they will be charged a small interest. However, the conditions will be sparing and more favorable than buying products on credit. This option is suitable for big purchases. Whether any other tariffs will be proposed and whether any fees are foreseen is not yet clear.

This project is still under development. It is not known exactly when the service will become available to users. According to Bloomberg, even the name 'Apple Pay Later' is not final, and some features and conditions may change by the time of launch. It is planned that the introduction of the new service will increase the popularity of contactless payments in general and Apple Pay in particular.

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