Apple Pay preparing to launch an innovative financial help service
Apple Pay is still making tweaks and testing its innovative Later service before launching it, according to reports. The Pay Later service, which was originally announced by the tech giant in June 2022, is designed to make customers jump through some significant hurdles before they are granted financial help.
The premise of the scheme is to allow customers to split any Apple Pay purchase into four zero-interest payments over six weeks, and according to Bloomberg, it is thought that loan decisions will depend on a person’s past spending habits on apps and other devices.
It is suggested that the new service will be tried out on Apple employees first before being rolled out to US customers. However, no official release date for the Pay Later scheme has been announced.
Nevertheless, the Pay Later scheme feels like a natural part of Apple’s evolution as it seeks to step up to match the likes of payment platforms PayPal and Klarna. The latter, in particular, has become renowned for allowing customers to make small and management payments that are interest-free if they can’t afford to pay for something in full upfront.
Apple Pay is constantly used across many industries nowadays, and it is viewed as a reliable form of payment. It is commonly utilized in the world of e-commerce where people who prefer to shop online can purchase clothes and groceries. Apple Pay is also used by commuters who like to tap in and out when using public transport, and it is an effective form of payment.
And Apple Pay is also used by manufacturing companies to streamline operations. Indeed, Apple Pay is renowned for its speed and reliability, and nowadays, gamblers all over the world are turning to Apple Pay to place wagers. For example, at some of the best Apple Pay betting sites, such as bet365 and Unibet, Apple Pay is accepted. The payment system has small deposit levels, and you can make withdrawals seamlessly.
As far as Apple is concerned, the introduction of a Pay Later style service is a landmark moment, and it will, in turn, make it a fully-fledged financial company.
There are also plans in the works to bring out an Apple Pay monthly plan which will allow customers to make payment installments over several months, and this has been developed by Goldman Sachs.
Although Apple has faced some technical challenges in trying to bring the Pay Later service to the market, it could be a game-changer. It will be fascinating to see how it will be received when the Pay Later service is eventually released, however, it could be just what Apple needs to take it to the next level.
It has been a long time since I joined Research Snipers. Though I have been working as a part-time tech-news writer, it feels good to be part of the team. Besides that, I am building a finance-based blog, working as a freelance content writer/blogger, and a video editor.