Apple would be working on an additional service that would make more attractive to Apple Pay over your competitors. According to Bloomberg, the idea of those from Cupertino is to allow any purchase through the aforementioned payment system to be divide into monthly payments. The aforementioned media also explains that the proposal is known internally as “Apple Pay Later” and it is still under development.
Obviously, “Apple Pay Later” would be the result of a partnership between Apple and a financial institution that is responsible for making the loan. Bloomberg puts on the table the name of Goldman sachs, a bank that has already joined forces with the California company to offer the Apple Card. Like said credit card, “Apple Pay Later” would have a launch limited to the United States.
In fact, with the Apple Card it is already possible to purchase Apple products and defer payment for up to 24 months. However, “Apple Pay Later” would take it to the next level, as you could pay for any purchase on a monthly plan. Affirm, a financial company that operates as a lender to defer payments to months, would be one of Apple’s main rivals to beat. Affirm shares fell nearly 10% after Bloomberg published his report.
“Apple Pay Later” would have a key advantage over other competitors: would be fully integrated with Apple Pay. This would allow millions of users to make the leap to monthly payments without too much effort, since the user experience that has always distinguished the platform will be maintained. However, when a financial institution like Goldman Sachs intervenes, it is clear that the user will have to go through a review procedure such as that of credit cards.
Apple Pay is one of the most widely used mobile payment services in the world. Over the years it has expanded to more territories, with Mexico being one of the most recent lucky ones to receive it. After many years of waiting, the country finally received Apple Pay just last February. At the moment, yes, it is limited to Citibanamex, Banorte and American Express customers.