Joining forces with Goldman Sachs as the lender for the loans, Apple is preparing to launch ‘Buy Now Pay Later’ according to Bloomberg.
When a user makes a purchase on Apple Pay, they’ll be offered ‘Apple Pay in 4’, which allows 4 bi-weekly payments, or ‘Apple Pay Monthly Installments’, which is a longer-term payment plan.
The service will be available in retail stores and online, in a bid to rival both Klarna and PayPal.
At Vouch, we’ve seen how adding Klarna can help increase conversion rates for our clients. Not only is it easy to check-out, not having to part with all of the money straight away can give customers that extra push to convert.
For Apple users, it’s already a very quick and easy way to complete a transaction from mobile devices via Apple Pay. And with staggered payment options soon to be made available, it could provide the smoothest check-out experience yet.