Staff of Reuters 1 minute In Ronda, southern Spain, on October 9, 2020, a consumer uses the mobile payment application Apple Pay at a supermarket during the coronavirus illness (COVID-19) outbreak. Jon Nazca/Reuters (Source: Reuters) Bloomberg News reported on Tuesday that Apple Inc is aiming to develop a service that will allow consumers to pay for Apple Pay items in installments. Bloomberg News reported that Apple will utilize Goldman Sachs Group Inc as the lender for the loans, citing people familiar with the subject. Goldman Sachs Group Inc has been an existing partner for the Apple Card credit card since 2019. According to the source, the service, codenamed Apple Pay Later internally, will compete with the lately popular “buy now, pay later” services like Affirm Holdings Inc and PayPal Holdings Inc. Following the news, Affirm’s stock dropped nearly 9% to $59, while PayPal’s stock fell. According to Bloomberg News, the new service is unrelated to the Apple Card and does not need its use. A spokeswoman for Goldman Sachs declined to comment. Apple did not respond to a request for comment right away. Nivedita Balu contributed reporting from Bengaluru, and Krishna Chandra Eluri edited the piece./n
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