According to a new report from Bloomberg, Apple is working on a new ‘Buy Now, Pay Later’ service with Goldman Sachs. As per the report, the new service would allow every purchase made via Apple Pay to be converted into monthly installments.

Apple announced Apple Pay back in 2014. At that time, the company revolutionized contactless payments by integrating the credit card right into your iPhone. Now, Apple is looking into foraying into new payment services, such as Buy Now, Pay Later schemes.

Apple Pay Later Service

According to a new report from Bloomberg, Apple is working on the Apple Pay Later service with Goldmann Sachs. This will allow every payment made via Apple Pay to be converted into monthly or periodically paid installments.

Currently, Apple offers such services for Apple Card users wherein users can pay in monthly installments even for 0% interest fee. According to Bloomberg, the new Apple Pay Later service will not be limited to Apple Card users.

According to the report, when a user makes a purchase using ‌Apple Pay‌, they will be able to pay across four interest-free payments made every two weeks or across several months with interest. Users will be able to “any” credit card for the purchase, says Bloomberg.

The plan with four payments is called “Apple Pay in 4” internally, while the longer-term payment plans are dubbed “Apple Pay Monthly Installments.”

Users who need to use the Apple Pay Later service would be required to be approved via an application submitted through the Wallet app on their iPhones. The report also says that “at least some” of the long-term plans exclude paying late fees and processing fees and only pay for the interest.

Apple is also testing the creation of “temporary digital Apple Pay Later credit cards” that could be used for individual purchases. Apple Pay Later is said to be the “next big thing” from Apple in the payments department. The publication calls it “one of the largest additions to the service” since its launch.

Would you be interested in the ‘Buy Now, Pay Later’ service from Apple? Let us know your thoughts in the comments section down below!