Apple is officially entering the banking sector with its own buy now, pay later service, which was out this week at WWDC 2022. The corporation mentioned giving individuals the option of paying in four equal instalments. It got people debating about the nature of this service, how the business plans to offer payment, who is supplying the loans, and whether or not Apple will collaborate with a financial service for this option.
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Apple’s Buy Now, Pay Later Feature Will Be Available Later This Year
It turns out that Apple, a firm worth trillions of dollars, will supply the loans. As part of the Apple Pay ecosystem, the corporation will establish a subsidiary to handle this activity.
And there is the basic operating word: utilising Apple Pay to purchase the products, which allows customers to divide their purchase into four equal instalments to be paid within six weeks or two months.
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Apple also has its own Apple Card for consumers, which came in collaboration with Goldman Sachs. However, according to reports, the Cupertino-based company will not use Goldman to make loan approval decisions, but will instead do so on its own.
When iOS 16 will be coming later this year, Apple Pay Later will be available. It will initially be available in the United States before expanding to other countries in the near future.
With the Apple Card and now Apple Pay Later, it’s safe to argue that Apple is no longer only a hardware and software company. It has major financial ambitions, and given the company’s market capitalization.
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Varushi Yadav
I'm a 4th-year law student at the University of Petroleum and Energy Studies, along with that I'm a creative content writer. So far I have written law-related articles, I like to explore more and I'm always ready to learn more.