Apple Inc. has opened a test of its much-anticipated “buy now, pay later” program to the thousands of retail workers who work for the business. Bloomberg News reports that the service is dubbed Apple Pay Later. Apple employees who asked to remain anonymous said that the company reached out to retail personnel this week and provided them with a test version of the service that will let customers pay for products in instalments.
Apple Pay Later – What we know so far
A test for business personnel has already been launched by the corporation. Prior to its introduction as part of iOS 16 in September, Apple Pay Later was first revealed in June of last year. Bloomberg stated that technical difficulties caused the service to be postponed until 2023. The service will be supported by a brand-new finance framework that Apple created for internal projects. Although it has already had a number of difficulties, it is said that the service will catapult Apple into a financial sector that is rapidly expanding.
With earlier financial products, the corporation employed a comparable distribution method. In 2019, it debuted the Apple Card credit card to store personnel about a month before it was on sale to the general public, according to a Bloomberg article. Customers will be able to divide an Apple Pay purchase into four equal payments over a six-week period without incurring interest or other penalties using the initial iteration of the “Google Pay Later” service.
The software company has also been collaborating with Goldman Sachs Group Inc. to create a version of the service dubbed Apple Pay Monthly Installments that will divide the cost of major transactions over a number of months with interest. This product has not yet been made public.
The producer of iPhones created Apple Financing LLC, a wholly-owned subsidiary, to introduce Apple Pay Later. This enables the corporation, which has its headquarters in Cupertino, California, to handle financing independently and avoid partners. The business can immediately test the feature with a sizable population thanks to Apple’s about 270 stores and far more than 80,000 employees spread across the US.
