The “buy now, pay later” concept is reportedly being tested by Apple’s retail staff
According to Bloomberg, Apple has extended internal testing for its Pay service’s purchase now, pay later function to include store personnel. When the tech giant’s experimental features find their way to its retail personnel, it’s usually a clue that they’ll be published soon. Employees at Apple Stores began testing the company’s credit card in 2019, a month before it was made available, while personnel at its headquarters visitor centre tested Tap to Pay soon before the first partner firms, such as Square and PayPal, began supporting the payment option.
The pay later option for Apple Pay was initially unveiled by the tech giant during its WWDC event in June 2022. It was planned to debut with iOS 16, but Apple changed its mind and released the new mobile platform without it. According to Bloomberg’s Mark Gurman at the time, the corporation was experiencing “pretty severe technical and engineering issues in rolling out the service,” which caused delays.
When Apple launched pay later, it said that the payment option would allow consumers to divide the cost of goods into four equal payments paid over six weeks with no added interest or fees. Gurman now claims that the business is now collaborating with Goldman Sachs Group to create a payment plan that spreads the expense of significant purchases over many months, with interest added on top. Given that the corporation has even formed its own subsidiary to undertake consumer credit checks and approvals, it’s not surprising that it intends to provide additional pay later choices in the future.