Apple Pay: Apple reportedly working on “buy now, pay later” feature
You may be able to purchase on tab even if you don’t have Apple Card.
Apple is uniting efforts with Goldman Sachs, its partner since 2019, to introduce a “buy now, pay later” feature on the Apple Pay app.
Apple Pay to have new “buy now, pay later”
According to an article that was first published on Bloomsberg, you don’t have to sign up for Apple Card to purchase on a tab. This feature was first popularised by PayPal, in which you pay four installments. You will pay in four interest-free installments over two weeks if you pick the tech company version of “Pay in 4” or pay interest over several months if you pick “Apple Pay Monthly Installments, Bloomberg wrote. Other payment plans won’t even have late fees.
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, therefore posing threat to banks because Apple has a wide reach worldwide, analysts say.
Apple receives a percentage of transactions made with the app, driving additional revenue to the company’s more than $50 billion (more than R700 trillion) per year services business, Aljazeera says.
The date of launch hasn’t been revealed, and reportedly both Goldman Sachs and Apple haven’t made any comments about the rumoured new feature.
PayPal Pay in 4
PayPal Pay in 4 allows you to make four interest-free payments, and you can use it in almost any online store. Your credit score will also not be impacted and you don’t have to wait for long to see if you have been approved to purchase on a tab — it is fast.
PayPal says that you don’t have to worry about security because it is backed by the same security and purchase protection on PayPal.
Pay in four launched last year to provide consumers with “more flexible and responsible ways to pay online”.