Apple plans to scrutinize its customers' spending histories for Apple Pay Later.
The
company is in the process of establishing rules for how it will approve
transactions on its new "buy now, pay later" (BNPL) service, which is
set to launch in the coming weeks.
- Apple will
assess borrowers based on what they previously spent on apps and
devices when deciding whether to approve Apple Pay Later transactions.
- The company will also scrutinize the credit cards linked to its customers' Apple Pay accounts.
- Apple intended to launch Apple Pay Later as part of its iOS 16 release last year, but the service was delayed due to "technical and engineering challenges."
- The
company released a test version of Apple Pay Later for its retail
workers earlier this month and is expected to launch the service soon.
- Apple is working to develop in-house financial services for its customers in a bid to decrease its reliance on banking partners.
- Apple's services segment has grown rapidly in recent years and it now brings in more revenue than American Airlines and Netflix.
