Tech giant Apple is venturing into the buy now pay later business through a new Apple Pay tool, according to a report by FT on Tuesday.
The tool, referred to as Apple Pay Later, will follow similar services, with zero interest or fees, and allow payments to be made in four equal installments. Such payments will be made to merchants that allow Apple Pay.
The announcement was revealed during the first day of Apple’s developer-focused forum on Monday.
A growing number of financial technology companies have entered into BNPL services, bolstered by rising interest from venture capitalists.
Some fintech firms are also considering cryptocurrency offers in a bid to attract younger customers.