Apple to handle lending itself with 'buy now, pay later' service; All you need to know
Apple Pay Later will be accessible later this year when iOS 16 is released, and it will first be available in the United States before expanding to other countries in the near future.
FollowApple is officially entering the banking sector with its own purchase now, pay later service, which was introduced 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 expects to offer payment, who is supplying the loans, and whether or not Apple would collaborate with a financial service for this option.
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 manage this activity, which will be involved in screening for user credit and granting short-term loans.
And there is the basic operating word: utilising Apple Pay to purchase the items, 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 was developed 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, and will even use funds from its own pool to disburse loans to its customers.
Apple Pay Later will be accessible later this year when iOS 16 is released, and it will first 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 goals, and given the company's market capitalization, it's not surprising to see it move into this field.
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