We all know about Apple and how they are the leading brand in the smartphone industry when it comes to both traditional commerce and e-commerce. It is worth noting that the same Apple that we saw queues to get the latest iPhone has now moved to e-commerce where the customers just pre-order the iPhone online and get them the next day. However, it is worth noting that the hype for latest products from Apple has not died down but it looks like the company feels the need to keep innovating in the market as well. Also, due to the current economic situation, Apple also felt the need to launch a buy now, pay later service in the US.
So here we are, Apple’s buy now, pay later service has been launched in the US and it will be available for selected users at the beginning with a wider rollout expected in the next few months. It is also worth noting that the buy now, pay later service will allow you to pay in up to four installments over a period of six weeks which is not a lot but still good for those who want to pay in parts. The loan amount you can avail of this service ranges from $50 to $1000 and it will be available via its Apple Pay wallet.
It is worth noting that this makes Apple a full-on lender in the US market as it has already entered the credit card business with its co-operation with Goldman Sachs in launching the Apple Card that also gives you an option of zero-interest EMIs for up to 24 months. Apple Pay Later, its buy now pay later service, is launched in partnership with MasterCard installments program and Goldman Sachs will be issuer of it.
One thing to note, however, is that unlike the Apple Card, this Apple Pay Later will not be interest-free which means that you need to keep note of the interest that is being charged for your installments. Earlier, Interest Rates used to be low but with the increase in the rate of interest, the service could be unattractive for most people who can pay in full.
