Apple, Goldman Plan 'Buy Now, Pay Later' Service To Rival Affirm
Apple 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 and PayPal. From a report: The upcoming service, known internally as Apple Pay Later, will use Goldman Sachs Group 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.
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