Apple announced the BNPL service this week, offering to split purchases up into four equal payments over six weeks, and will have zero interest and no fees of any kind. Apple said its treasury department will decide the exact mechanism it will use to fund the loans and funding sources may shift over time. Loans and creditworthiness decisions will be handled by a wholly owned subsidiary, Apple Financing LLC.
Apple will offer the loans anywhere that Apple Pay is accepted, both online and in physical retail stores. The payments to merchants will be made over the MasterCard (MA.N) network through a payment credential issued by Goldman Sachs Group Inc (GS.N), Apple said. Apple Financing LLC has lending licenses in all U.S. states where such pay-later services are allowed, it added.
https://www.reuters.com/technology/apple-fund-pay-later-loans-off-its-own-balance-sheet-2022-06-08/