Apple reportedly working on new “buy now, pay later” service for Apple Pay

Apple is reportedly working on a new “buy now, pay later” service for Apple Pay, which would rival the likes of Klarna and Affirm by offering customers the option to pay in instalments over time for purchases made through Apple Pay, according to Bloomberg’s Mark Gurman.

In this week’s edition of his “Power On” newsletter, Gurman notes how Apple is supposedly working on improvements for Apple Fitness+ and Apple Pay, reporting how iOS 16 will likely include added workouts to Apple Fitness+, and in addition to the recently rumored Apple hardware monthly subscription service,  the iPhone maker is now reportedly also looking at a new financing service, giving users the option to spread payments for Apple Pay purchases using the “buy now, pay later” method.

Details about the reported “buy now, pay later” service for Apple Pay are low but presumably the service would work similarly to the financing service Klarna, where online stores offer Klarna as a payment method at the checkout, giving the option for payments to be made in affordable monthly segments rather than in full at once.

Image: Apple

Bloomberg’s Sridhar Natarajan reported last year that Apple was supposedly working on the new monthly payment service for Apple Pay, saying Apple will use Goldman Sachs Group Inc. as the lender for the loans needed for the instalment offerings, similar to Apple Card, suggesting the service would be limited to users in the United States, like to Apple Cash and Apple Card.

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