"Apple Pay Later" will soon debut for the Cupertino giant, featuring a Credit Card-like service that focuses on monthly installments for any purchases using the payment scheme. It would be fulfilled by Goldman Sachs, Apple's current partner bank behind the Apple Pay service which has been long introduced to users, operating as a payment medium.
Credit Cards are like postpaid plans from one's cellular network provider, as they are given an allocation or the credit limit, and they would only pay for what they have used or one's monthly purchases. Initially, Apple rolled out the anticipated "Apple Card" in 2019, but it has not sparked a massive phenomenon like its iPhones and other devices.
Apple Pay Later
Apple Pay Later is a monthly installment digital payment scheme from the Cupertino giant, and it is something to present to people as an alternative method to using apart from credit cards and the like. According to Bloomberg, it is something that Apple conceptualized as PayPal, and Affirm is rising in popularity with its services.
This new feature would focus on giving people a monthly installment basis to pay for the product they purchased, without the burden of paying it upfront.
Some people may not have enough funds on their current bank accounts but has a sure source of money come the month's end, and it would be handy if the purchase is already needed.
Apple is known to have "Apple Pay" which is a payment medium that is special to the company as it can be used directly for App Store purchases, among other online mediums that accept it. It can also be used on physical retail stores, provided that they support or accept the payment mode from Apple.
Apple Pay vs. Apple Pay Later
According to 9 to 5 Mac, Apple Pay Later would not require one to have an existing Apple Card to use the service, as it would act like Apple Pay, but only distribute the purchase on agreed-upon installment. There are options when using the Apple Pay Later, and the said purchase may be distributed over a longer period.
The service would act as a "buy now, pay later" mode, which can lift the burden off the user of the service.
It would still be a service under Apple Pay, only it would have monthly installment, and users would still need to pay in the same medium, and will be fulfilled by Goldman Sachs.
Should You Use Apple Pay Later?
In terms of using Apple Pay Later, users should review the monthly installment plans of the service before proceeding to checkout. And since Apple Pay can track the different purchases, users should also monitor this so that they may know the different purchases they have and not get overwhelmed when the monthly installment comes.
Currently, the service is under development and is not yet available to the public. Tune in for more updates regarding this payment system in the future.
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Written by Isaiah Richard
