Apple Pay has changed the way people all across the world pay for their everyday items, whether that is groceries, fuel or clothes. However, something new could be coming regarding the Apple-based payment method.
According to a report from 9to5Mac and Bloomberg, Apple is working on a new feature of Apple Pay called “Apple Pay Later.” Essentially, the idea is that Apple Pay could work like Apple Card and let users buy and receive an item and not pay for it immediately when getting that item.
It has been said that Apple is working with Goldman Sachs on this project, which also one of the financial institutions behind Apple Card.
The Apple Pay user would not need Apple Card in order to take advantage of it, but once the person had used Apple Pay Later, they would get a bill at the end of the month through the Wallet app, which would then give them some options for financing their purchase(s).
Bloomberg’s report also says that Apple Pay brings in about $50 billion in revenue per year as a service to the company.
Its report also says that Apple Pay Later would be a service where a user would have to put in an application that would be approved or denied. This would also include the user needing to send in a “local ID card.”
With that said, Apple will not require a credit check and will get rid of late and processing fees, where the user of Apple Pay Later will get interest fees on long-term investments and purchases.
There is no timeline as for when Apple Pay Later would launch and it is a project that Apple and Goldman Sachs could shut down at any point for one reason or the other.
What are your thoughts on an idea like Apple Pay Later? How often do you use Apple Pay or Apple Card? Comment below or let us know on Twitter at @appleosophy.
