Apple is working on a pay later feature for Apple Pay
With Apple Pay Later, Apple wants to arrange payments with its payment service with monthly debits. This expands the possibilities of Apple Pay.
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Apple is working on Apple Pay Later
The ‘buy now, pay later’ arrangement is becoming possible on more and more websites and is also becoming increasingly popular. This has not gone unnoticed at Apple either: according to Bloomberg Apple is working hard on ‘Apple Pay Later’, a new feature for the company’s payment service. Apple would partner with Goldman Sachs to develop the feature.
You do not need an Apple Card to use this, which increases the chance that we will eventually be able to use it in the Netherlands. Moreover, it works exactly like competing payment services such as PayPal already do: you simply pay with Apple Pay as you always do, but choose ‘Apple Pay Later’ when paying.
Subsequently, the amount is not debited from your bank account in one go, but in monthly debits. This can come in handy, for example, if you buy an expensive product and can pay it off in such a way. To use Apple Pay Later, your payment account must first be approved, this is arranged via the Wallet app that is installed by default on every iPhone.
The big question is when will Apple choose to introduce this extension for Apple Pay. The company is already under the magnifying glass of the European Commission, because Apple Pay would have an unfair competitive position on the iPhone. Expanding the service in this way seems inevitable that will bring even more magnifying glasses to keep a close eye on the company.
Want to know how Apple Pay works? Check out our video!
