Rumored ‘Apple Pay Later’ Would Introduce Installments for Purchases

Apple Pay logo

A report on Tuesday claims that Apple is working on a feature called Apple Pay Later that would let people pay for purchases in installments (via Bloomberg).

Apple Pay Later

Apple, with its banking partner Goldman Sachs, currently offer Apple Card Monthly Installments. It lets you pay for Apple products over time by meeting a certain minimum amount each month. Apple Pay Later would bring the same feature to any purchase made with Apple Pay, not just products from Apple.

The report says there will be two types of installment plans. The first, internally dubbed “Apple Pay in 4” would let a person pay with four interest-free payments made every two weeks, or across several months with interest. The second, dubbed “Apple Pay Monthly Installments” would offer long-term payments every month.

Additionally, users could choose any credit card through Apple Pay under this set up. Users could also exit the payment plan at any time to pay off the remainder of their purchase in full. People would need to be approved by submitting an application through the Wallet app and submit a copy of their ID.

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