Gary Schwartz

With Buy Now Pay Later (BNPL) taking the fintech lending marketplace by storm, Apple has thrown its hat into the ring. No surprise.

How it works: Users have the option to pay for:

  • Four fortnightly INTEREST-FREE payments or
  • INTEREST-BEARING installment loan over several months.

Code named “Apple Pay in 4” and “Apple Pay Monthly Installments.” Users can select any credit card – not just the present installment product offered over the Apple Card.

The company will use Goldman Sachs as the lender of record. Goldman Sachs has previously partnered to finance the Apple Card credit (Circa 2019) The BNPL offering is not tied to Apple Card and will likely be used to drive stickiness to Apple Pay. (Apple makes points on Apple Pay totaling $50 billion annually.)

Canadian Lenders Association BNPL Task Force: