Apple to Introduce “Buy Now, Pay Later” Service

As we all know that the world is running on credit, it’s now time for Apple Inc. to step up to the game. Students are usually very much obsessed with Apple products. Be it an iPhone or an iPad, students are crazy over these gadgets. Oftentimes, we see students hiring assignment writers to get their academic tasks done because they are too busy with their iPhones.

However, students and every other Apple lover must be glad to hear that the company is working on a service that will make the buying process easy for customers. You will be able to make the payments in installments as the company is bringing a “buy now, pay later” service. Companies PayPal Holdings Inc. and Affirm Holdings Inc. are popular for providing such services, and Apple will be trying to give a tough competition here.

How is it going to work?

People who are well aware of the forthcoming service have revealed that it will be called Apple Pay Later. In order to lend the loans required for the installment offerings, the company will be using the services of Goldman Sachs Group Inc. For people who don’t know, Goldman Sachs is a partner of Apple for the Apple Card, which works like a credit card. However, the new feature does not involve Apple Card, and there will be no use for this card. You must be worried about the sources, but the people who revealed these secrets have asked us to keep their identities hidden.

The new service will surely increase the profits of Apple as it will be driving the Apple Pay adoption among people. It will persuade more customers to make use of their iPhones for the payments of goods instead of the usual credit cards. It might not take you by surprise that Apple is already receiving a certain amount of transactions that are made through Apple Pay which adds revenue of over $50 billion per year for the company.

How can customers use it?

The most important fact about any service is how customer-friendly it is. This service is said to be very helpful for customers as it provides them with a lot of relief. There will be four payments (interest-free) made for a continuous two weeks or perhaps across quite a few months with interest.

The service will ask the customer about these options when they will make a purchase via Apple Pay on their Apple device. The long-term payment plans are called “Apple Pay Monthly Installments” and if you are interested in the plan with four payments, this service is called “Apple Pay in 4”.

The customers will be allowed to select any credit card of the sort in order to make their payments while making purchases through this new service. Retail and online stores both will receive payments via this service. However, it is pertinent to mention here that the company is already offering monthly installments via the Apple Card for purchases and this new service will surely expand that technology to any Apple Pay transaction.

How much interest will be charged?

How much interest will be charged for the usual monthly installments of this new service by Apple is an unanswered question yet. However, Affirm is currently charging around 30% APR and the other rivals are charging less. The four installment plans that are interest-free would take on similar systems like ones from Afterpay Ltd, Klarna Bank AB, and Sezzle Inc., along with PayPal’s popular Pay in 4 services.

Application for the service

Apple users who are thrilled and excited to use this new procedure or service will definitely need to get approval from an application submitted via the iPhone’s Wallet app. They can manage their payments here as well. A copy of a local ID card will be required to apply for the program, or else the customers will not be able to use the Apple Pay Later service. There will be options to exit the payment plan to pay off the remainder of the customer’s purchase balance.

So, how excited are you? It’s not that thrilling news for students who are more into gadgets. But students who are old enough to realize the value of money and how important is it to manage their financial lives will surely get their hands on the service.

However, if you are too stressed by your academic work that your interest in tech has almost died, don’t lose that spark because tech is the future and you need to know what is happening around you. Wondering who will get your assignments done if you are too occupied in tech news? We are providing the best assignment writing service online.

You can call upon our professionals and they will take care of your academic tasks. We have hired a team of academic experts who know how to fetch impressive grades from professors. Our experts never fail to miss the target. So, dive into the tech world and enjoy what’s happening around the world and stay up to date with all the latest news and reviews of new gadgets. Meanwhile, we will take care of your academic tasks.