With Apple Pay Later, Apple may make one other try on the PayPal mannequin

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Enlarge / Apple Pay on an iPhone and an Apple Watch.


Apple will expand beyond traditional technology projects with a new feature the company internally calls “Apple Pay Later,” according to a new report from Bloomberg.

With Apple Pay Later, users who use Apple Pay to shop in stores or online will have the option to pay over time rather than paying in full upfront. According to the report, customers don’t need an Apple Card (the company’s recently launched credit card service) to use Apple Pay Later.

Apple will offer two payment options. “Apple Pay Monthly Installments” enables users to pay off a loan with interest in monthly installments. With “Apple Pay in 4”, users can pay for their purchases with four interest-free payments every two weeks.

Customers can optionally end their payment plans by paying off the amount in full, the report said.


Bloomberg’s sources didn’t share the interest rate Apple plans to charge, nor did they say whether every user who submits an application will be approved. The sources said that users can apply through the Wallet app on their iPhones by sharing a copy of their ID. They also said that a credit check is not involved in this process.

This new product may seem strange to Apple, but it’s just the latest in a series of forays into the world of consumer financial products. The most notable project of its kind is Apple Card, a digitally managed contactless credit card.

In addition, several competing technology companies already own and operate products that are similar to Apple Pay Later.

For the past several years, Apple has tried to offset the decline in iPhone sales by introducing new services that add lifetime value to its customers. However, iPhone sales soared with the introduction of the iPhone 12 late last year.

Apple CEO Tim Cook has repeatedly pointed to the company’s services (Apple Card, iCloud, Apple Music) and wearables (Apple Watch, AirPods) as pioneers in the company’s growth.

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