Enlarge / Apple Pay on an iPhone and Apple Watch. (credit: Apple)
Apple will continue to expand beyond traditional technology projects with a new feature the company is internally calling “Apple Pay Later,” according to a new report in Bloomberg.
With Apple Pay Later, users making either retail or online purchases with Apple Pay will have the option of paying over time rather than entirely up front. Users will not need an Apple Card (the company’s recently launched credit card service) to take advantage of Apple Pay Later, according to the report.
Apple will offer two payment options. One is dubbed “Apple Pay Monthly Installments,” and it would see users paying the loan off with interest over a long period of time in—you guessed it—monthly installments. The other is called “Apple Pay in 4” internally, and with that, users will be able to pay for the purchase with four interest-free payments due every two weeks.
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