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15 Feb, 2023
1 min time to read

According to Bloomberg, the 'Buy Now, Pay Later' service is being intensively tested by Apple and is about to be finally released in the coming weeks.

The company will evaluate customers following on their transaction history, moreover, it will also process data stored in Apple Pay accounts. These criteria were revealed while the service was tested internally with Apple employees.

The service is implemented into the Wallet app. Customer will need to sign up to apply and indicate a desirable amount of loan. Loan status will not influence other services.

As per test version, Apple Pay Later loan offer is valid for 30 days; an identification card, security number or two-step verification on an Apple account may be required. The service will be provided in cooperation with Goldman Sachs Group Inc and MasterCard Inc.

Apple is also developing its own infrastructure in order to support financial products and cut dependence on banking partners.

Earlier this month Apple released the test to thousands of retail employees, so long-awaited service is expected to be launched soon.