Apple is working on its own payment processing technology and a “Pay Later” feature
Apple has slowly been trying to dominate more and more fields, as its range of products and services further expands. For example, the company has been replacing Intel processors with its own M1 chips on the Mac lineup — a step closer towards independence. A new report now states that Apple is working on its own payment processing infrastructure. That’s to potentially rely less on relevant partners down the road. The report also mentions that the Cupertino tech giant could be developing a “Buy Now, Pay Later” feature for Apple Pay users. It will reportedly allow eligible users to borrow money from the company and pay them back through installments.
Bloomberg’s Mark Gurman has shared some of Apple’s internal plans in the financial department. The company is seemingly aiming to bring several payment-related tasks in-house — allowing it to rely less on current partners. These tasks could include payment processing, risk assessment for lending, fraud analysis, credit checks and additional customer-service functions such as the handling of disputes.
If these plans come to fruition, eligible users might be able to borrow money from Apple and pay them back through one of the two installment plans. The first — Apple Pay in 4 — will reportedly aim at short-term, interest-free, four-installment plans. The second — Apple Pay Monthly Installments — could be for long-term installment plans with added interest.
Apple’s payment-related plans will likely focus on additional financial services — such as the rumored hardware subscription model — rather than existing ones. For the time being, it’s unlikely for the company to completely drop its partnerships. Instead, it could be aiming at bringing more of its payment services to a wider range of regions. We only hope that this project helps bring Apple Card and Apple Pay to even more countries.
Would you use a Buy Now, Pay Later feature offered by Apple? Why or why not? Let us know in the comments section below.