According to Bloomberg News, Apple-Pay is about to launch a new “Don’t Buy Now, Pay Later” product and continue to enter the financial sector. This move will echo similar programs offered by Affirm and PayPal, and keep pace with their Apple Card consumer credit card products.
Today, Apple appears to be a financial services company and a consumer technology company. It has launched the Apple-Card backed by Goldman Sachs to provide incentives to Apple customers who purchase its products. Now, with the launch of a product called “Apple-Pay Later” reported internally by Bloomberg, you will enter the “buy first, pay later” field.
The new Apple-Pay Later program is not to integrate directly into Apple’s current Apple-Card credit card products, but rather is integrated into its Apple Pay products. According to experts, its purpose is to help promote the adoption of Apple Pay. It will encourage users to use the Apple Card or a credit card of their choice to pay for Apple products through Apple Pay. Naturally, you would expect it to help drive sales growth as well.
The 4,444 Apple Pay Later users will have multiple options to diversify their payments for Apple products. When making a purchase, users will be able to choose between an interest-free option with a shorter term and an option with interest but amortization in a few months. The interest-free option will be “Apple Pay in 4” and includes four interest-free payments every two weeks. The long-term repayment option is said to be called the “Apple Pay monthly fee.”
The Apple Pay Later product launch does not have a schedule and can be scrapped. However, due to the news reported by Bloomberg, Affirm’s share price fell 10%.