Apple is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, Russian Forbes reports quoting Bloomberg.

The upcoming service, known as Apple Pay Later, will use Goldman Sachs Group Inc. as the lender for the loans needed for the installment offering, Bloomberg writes. The service is currently planned to work as follows: when a user makes a purchase via Apple Pay on their Apple device, they will have the option to pay for it either across four interest-free payments made every two weeks, or across several months with interest. The plan with four payments is called “Apple Pay in 4” internally, while the longer-term payment plans are dubbed “Apple Pay Monthly Installments.”

The service is planned to be available for purchases made at either retail or online stores. Apple receives a percentage of transactions made with Apple Pay, driving additional revenue to the company’s more than $50 billion per year services business.



Apple’s most notable financial product so far is Apple Card, a credit card accessed through the iPhone and administered by Goldman Sachs. Apple and Goldman Sachs declined to comment, CNBC reports. Apple has previously offered monthly installment payments with no interest on some of its products bought through the Apple store with an Apple Card. For example, Apple Card holders can buy an iPhone in 24 monthly installments.

The partner of Fintech section is