Apple Pay is testing a credit-free installment system

Every good Brazilian has vouchers and installments, right? Whether it is good or bad, this is an undeniable fact. Although this practice is not common in other countries, payment in installments is almost always necessary here. Therefore, for the happiness of many, Apple should offer the option of installments on its platform.

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The information was posted on the MacMagazine website. According to Bloomberg, the feature is still being tested by Apple Pay. The tool will even have a name: “Apple Pay Later”.

With the new functionality, iOS and Apple Pay users will be able to purchase in installments within the platform. It will be possible to choose the number of installments and the most appropriate way to pay them.

The method is a kind of loan

According to the information, the supplier will have a partnership with Banco Goldman Sachs. This is the organization that actually issues the Apple Card. Now, he will also be responsible for providing a ‘loan’ worth of installment forms.

After all, annuity payments act as a kind of loan, just like credit. The seller gets the full amount of the sale, while the bank collects the amount from the buyer. Therefore, many installments have benefits.

The user is subject to analysis

To access Apple Pay Later, you’ll need to go through a quick verification process. The user requests to fund the purchase through the Wallet app and waits for the data to be analyzed. The same thing happens when you order a payment book or credit card, for example.

Initially, there will be two payment methods available on the Apple Pay platform. The first provides for the division of four interest-free installments, which must be paid every two weeks.

In the second embodiment, the batch can be divided into up to 24 times. Premiums must be paid monthly with interest.

In addition to Apple Pay Later, the company already has a purchase installment system. More traditionally, it works through the Apple Card. Users can buy branded products and split them into 24 interest-free installments, for example. The big advantage of the new feature is that the user will not need a card to do this.