Apple is developing a perk for Apple Pay users that will allow them to buy products and pay for them in monthly installments, according to a Bloomberg report.
Still in development, the so-called “Apple Pay Later” offering would be integrated with Apple Pay once it launches, the report noted. Goldman Sachs, which is the bank behind the Apple Card, would serve as Apple’s partner for the Apple Pay Later initiative.
Apple Pay Later has similarities to the Apple Card Monthly Installments program, which allows Apple Card owners to buy iPhones and other Apple devices with 0 percent financing if they pay them off within the first 24 months after purchase. Apple Pay Later members don’t need an Apple Card to participate, but potential customers will have to apply through the Wallet app to be eligible.
Approved Apple Pay Later members will choose whether to pay for their Apple devices in four payments every two weeks with no interest — Apple Pay in 4 — or spread the payments across several months with interest added to the price of the devices.
Apple is also working on expanding its retail operations, according to Reuters, in hopes that their stores will become more popular than ever as the COVID-19 pandemic subsides across the U.S. and around the world.
Apple is likely to make the express pickup counters, which were all reopened as of June 14, permanent fixtures at Apple’s stores, according to the Reuters report. The company is also opening at least two new stores.
Additionally, the company is launching the Creative Studios program in Los Angeles and Beijing to teach kids to make movies, music and photos with Apple products. Apple plans to bring about 20,000 jobs to the U.S. this year.