Apple expands the testing of its interest-free "buy now, pay later" offering
Apple Inc. has expanded an internal test of its forthcoming "buy now, pay later" service to the company's thousands of retail employees, indicating that the long-awaited feature is approaching completion. According to Apple employees who begged not to be identified, the tech giant approached retail employees last week to give them a prototype version of
Apple expands the testing of its interest-free "buy now, pay later" offering
Apple Inc. has expanded an internal test of its forthcoming “buy now, pay later” service to the company’s thousands of retail employees, indicating that the long-awaited feature is approaching completion.
According to Apple employees who begged not to be identified, the tech giant approached retail employees last week to give them a prototype version of the service.
The service, known as Apple Pay Later, allows customers to pay for products in installments. Previously, the corporation conducted a test for corporate personnel.
The IPO will catapult Apple into a rapidly expanding financial industry, but it has already encountered significant difficulties.
The service was initially announced in June of last year and was supposed to be introduced in September as part of iOS 16.
Instead, it was postponed until 2023 due to technological difficulties, as previously reported by Bloomberg.
The service will run on a unique finance platform built by Apple for internal efforts.
Previously, the corporation employed a similar rollout method for financial goods.
In 2019, it debuted the Apple Card credit card to retail employees roughly a month before it became public.
An Apple representative declined to comment.
The first iteration of the new service would allow customers to divide an Apple Pay purchase into four instalments paid over six weeks – with no interest or fees.
Working with Goldman Sachs Group Inc., the business has also been creating a version of the service dubbed Apple Pay Monthly Installments, which will spread the cost of significant transactions over several months with interest.
That offering has yet to be publicised.
To launch Apple Pay Later, the iPhone company established Apple Financing LLC, a fully owned subsidiary.
This enables the Cupertino, California-based corporation to handle financing without relying on partners.
Apple has over 270 locations in the United States and over 80,000 employees, allowing the corporation to easily test the functionality with a big audience.
