Apple Inc. is working on a service to let shoppers pay for purchases in installments, Bloomberg reported, a move that could help the iPhone maker tap into the thriving “buy now, pay later” sector.
The U.S. tech giant will use Goldman Sachs Group Inc, its partner since 2019 for the Apple Card credit card, as the lender for the loans made through Apple Pay, Bloomberg reported on Tuesday, citing people familiar with the matter.
The service will allow Apple Pay users to pay for their purchases through four interest-free payments made every two weeks or across several months with interest, according to the report.
Apple shares opened 2% higher to hit a record high of $148.48 on W…
Keep on reading: Apple plans ‘buy now, pay later’ service – Bloomberg