Apple Financing is handling the new Pay Later service.
, at its annual Worldwide Developers Conference on Monday. The service will let users make a purchase through Apple Pay, and then pay back that amount in four equal installments over the course of six weeks with no interest.This isn’t Apple’s first foray into finances, but, asnotes, it is the first time it’s taking on financial responsibilities including credit checks and lending.
, with the financial firm playing a smaller, but not insignificant part in Apple’s new Pay Later service. People will have to use Apple’s Mastercard-based credit card, which is issued by Goldman Sachs, in order to use Pay Later.According to CNBC, Apple will run soft credit checks when a person applies for its Pay Later Service.
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