Apple is officially entering the financial space with its Buy Now, Pay Later service announced at WWDC 2022 this week. The company talked about giving people the opportunity to make payments in four equal installments.
It got people talking about the nature of this service, how the company plans to provide the payment, who is providing the loans, will Apple partner with a financial service for this option.
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It turns out that Apple, a trillion-dollar company, would provide the loans themselves. The company will create a subsidiary to handle this business, which will be involved in checking user credit and offering short-term loans as part of the Apple Pay ecosystem.
And that’s the key operating word, Use Apple Pay to Buy Products, which allows consumers to convert their purchases into four equal installments payable within six weeks or two months.
Apple also has its own Apple Card for consumers, which was provided in partnership with Goldman Sachs, but according to reports, the Cupertino-based giant will not use Goldman to make loan approval decisions, and will do so in its account. She owns and even uses funds from her private pool to disburse loans to her clients.
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Apple Pay Later will launch later this year when iOS 16 becomes available to the public, and it will start offering the service in the US for now, and may move to other countries in the near future.
With the Apple Card and now Apple Pay Later, it’s fair to say that the iPhone maker is no longer just a hardware and software enterprise. She has serious ambitions in the financial field, and with the company’s valuation in the market, one would hardly be surprised to see her move into the sector.
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