Apple is reportedly working with Goldman Sachs to develop a new consumer debt scheme for customers that is internally being called “Apple Pay Later.’
Apple Insider reports that Apple is rumored to be working with Goldman Sachs to launch “Apple Pay Later,” a “buy now, pay later” payment system for Apple Pay users. Currently, there are only a few companies involved in the buy now, pay later (BNPL) market, but it’s fast becoming a profitable industry as worldwide spending habits change.
The Financial Times states that BNPL is best used for expensive purchases. The FT cites the Affirm BNPL company’s partnership with Peloton to spread the cost of a $1,900 exercise bike over a number of months as an example of how the system is most often used.
The FT also notes that many users are taking advantage of the low initial cost to buy not one expensive item, but many cheap ones.