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Apple becomes a financial services firm

June 08, 2022

Apple becomes a financial services firm
Apple has jumped into the buy now, pay later market, enabling US clients to part Apple Pay buys into payments.

Available for all in-application and online buys, Apple Pay Later splits purchases into four equal payments for more than about a month and a half without interest or late fees.

The payments are done, tracked, and reimbursed through the digital wallet, and are available for on the web or in-application purchases, through the Mastercard organization.

The tech giant has additionally debuted Apple Pay Order Tracking, which will allow traders to deliver receipts and order tracking ability, integrated through Shopify, into the wallet.

As to the installment loans themselves, Apple has its banking partner in Goldman Sachs, and Apple isn’t timid about its “Breakout” ambition to become, at least in part, a financial services organization.

The move sees Apple bring its muscle into a market packed with rivals, including PayPal, Klarna, and Affirm.

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