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Apple is working with Goldman Sachs to develop a buy now, pay later service that lets customers pay for their Apple Pay purchases in instalments. Dubbed Apple Pay Later, the service will use Goldman Sachs as the lender to cover the installments. The BNPL play will be available for all Apple Pay purchases made with any card and not just linked to the Apple Card, for which Goldman is also a partner. The service puts Apple in direct competition with a host of firms - including PayPal and Affirm - that have thrived in the fast-growing BNPL market over the last few years.
"We believe the concerns over the competitive impact of added BNPL offering by Apple are overblown, ... All these Centre companies, including PayPal, Affirm already built ecosystem offering products and services around the merchants they serve. BNPL is just another product or service offered to merchants as a natural extension of Apple's ecosystem." said Moshe Katri, Wedbush Securities analyst.
https://www.finextra.com/newsarticle/38453/apple-partners-goldman-sachs-for-bnpl-play---bloomberg
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