Credit card companies aren’t providing you with their services out of the goodness of their hearts. The business model is that they hope people will use their cards and credit to make purchases they can’t afford, and then earn interest from the unpaid amounts down the road, so it’s not hard to see why Apple could be looking at taking advantage of that.
According to a report from Bloomberg, the company is apparently planning a new Apple Pay feature similar to PayPal’s Pay In 4. For those unfamiliar, this is where you get to buy something and then pay it back later as opposed to paying upfront the entire amount. In PayPal’s case, the amount would be split into four separate payments, which in theory should make it a bit more affordable.
Apple’s approach is said to be similar where it will apparently be known as “Apple Pay in 4” where making a purchase via Apple Pay, customers will have the option to make the payments later by paying it back over four interest-free payments every two weeks, or over the course of several months with interest.
There’s no word on when the feature will be launched, but Apple is planning an event in September for the iPhone so if they do not announce anything before then, chances are it might be at the event itself.
Filed in . Read more about Apple Pay and Paypal. Source: bloomberg