More recently, with Apple Inc..) entered the loan business through the "buy now, pay later" (i.e., "buy before pay") service, which is developing rules on how to approve transactions。One of the key factors is whether you were a good customer in the past.。

The Apple Pay Later service was announced last year but is still in the testing phase.。The new service will allow Apple to make full use of the vast amount of data from its relevant customers, including their spending at Apple retail stores, App Store transactions and services such as Apple Cash Peer-to-Peer payments.。It will evaluate borrowers based on their spending history and even the Apple devices they own.。

The service also allows consumers to pay for purchases in installments, so Apple will also check whether customers have applied for Apple Card credit cards and other cards associated with their Apple pay accounts.。It is reported that the Pay Later system will be integrated into the Wallet application on the iPhone when it is launched, allowing users to purchase Apple Pay in four installments over the next six weeks.。When customers sign up, they will be asked to provide the amount they want to borrow, and the system will return an approved total amount - similar to the "spending power" function of an American Express card。

Apple's service, as part of its broader push into financial services, undoubtedly adds greater growth opportunities for the tech giant's future。But for now, the Apple Pay Later service has been launched later than originally planned because Apple originally intended to launch it in。In addition, Apple is developing a self-developed infrastructure for financial products that will help reduce dependence on banking partners.。

Regarding the loan standard for Apple Pay Later, Apple employees currently participating in the service's testing said they can now make personal purchases using the "buy before you pay" option.。Accordingly, the service will begin to assess the personal circumstances of these test employees, which will determine whether the company is willing to lend money to the applicant and how much is approved。According to the testers, most employees get less than $1,000。

It is understood that the Apple Pay Later loan offer expires after 30 days, and according to the instructions in the test version of the service, a copy of the government ID, a complete Social Security number and two-step verification of the Apple account are required when applying.。It is worth noting that the loan status of Apple Pay Later does not affect access to other company services。

In fact, Apple has been in the financial sector for several years, such as the mobile payment service Apple Pay launched in 2014 and the first Apple Card launched in 2019, these services have made the company and the financial life of consumers more closely linked.。

This service marks the first time Apple will use an internal payment platform and make its own loans.。In addition, Apple has created a company called Apple Financing LLC, which processes applications, loans and credit approvals.。Nevertheless, Apple Card's partner, Goldman Sachs Group Inc. (Goldman Sachs Group Inc..) is still the issuer, and the payment network provider is MasterCard Inc. (MasterCard Inc..）。

Earlier this month, Apple was preparing to launch Apple Pay later in the coming weeks after releasing tests to thousands of retail employees.。Apple has been trialling plans with company employees for weeks before expanding to retail employees。