Apple Pay Later service is getting ready for its public release

Apple Pay is one of the most successful services for the company and a “buy now, pay later” option may be coming to users soon. According to Bloomberg, Apple is now expanding its testing of the service to its retail employees, indicating that a release to the general public is impeding.

Apple Pay Later allows customers to split a purchase made using Apple Pay into four installments that is paid over six weeks without interest or fees. Apple Pay Later is backed by a new Apple subsidiary called Apple Financing LLC, which means Apple handles the lending on its own.

Apple’s decision to create its own financing subsidiary is interesting because it falls in line with Apple’s evolving business practice of developing its own processes, parts, and services instead of relying on partners. The biggest example of this is with its processors, using its own silicon in its devices instead of relying on Intel or Samsung. Apple is also working on its own Wi-Fi chip and cellular modem, but development on those have hit several roadblocks.

Apple introduced Apple Pay Later at WWDC last year and was going to release it with iOS 16 last September. Apple delayed the service to work out “technical challenges” with its new in-house financial platform, according to Bloomberg.

Bloomberg also reported that an Apple Pay Monthly plan is in the works, which has installments over several months with interest. Apple Pay Monthly has yet to be officially announced and is being developed with Goldman Sachs, the firm that partners with for the Apple Card. It’s unclear if the Goldman Sachs partnership will be in place if and when Apple Pay Monthly launches, or if Apple will switch to its Apple Financing subsidiary.