Page 13 - IAV Digital Magazine #526

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Apple Is Working On Apple Pay Later To Help You Buy Things Without Paying For Them Yet
By Sean Hollister
Even if you haven’t signed up for the Apple Card, you may soon be able to put your purchas- es on Apple’s tab. Apple is teaming up with Goldman Sachs yet again to turn every Apple Pay trans- action into a potential “buy now, pay later” opportunity, reports Bloomber g — no Apple Card needed.
You know how many online checkout coun- ters across the web tempt you to pay with Affirm or Klarna or PayPal’s Pay In 4 instead of cough- ing up the full purchase price at
the start, then they charge you in installments instead? It sounds like this Apple service will be a direct com- petitor — with the important distinc- tion that this will
be baked into hundreds of mil- lions of Apple devices that many people are already using to pay at gobs of physical stores, too.
You’ll pay in four interest-free installments over two weeks if you pick “Apple Pay in 4” or pay inter- est over several months if you pick “Apple Pay Monthly
Installments,” writes Bloomberg . It adds that there’s no credit check required, and some plans won’t have late fees. The publica- tion doesn’t say when Apple might
launch the serv- ice or how much interest it might charge.
Apple putting people in debt feels like the ulti- mate form of lock-in, and it might rub some the wrong way, but the company has a knack for sprucing up bor- ing products in the pursuit of services revenue. If it’s true of Apple Pay Later the way it was true of the Apple Card, there’ll like- ly be plenty of people who will take Apple’s slightly friendlier terms over the financial indus- try’s status quo.
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