Apple plans to launch Apple Pay ‘buy now, pay later’ service this year

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Apple is planning several improvements to Apple Fitness+ and Apple Pay this year, as well as exploring offering a new grocery service that integrates with its health app, according to Bloomberg reporter Mark Gurman.

In the latest issue of the Power On newsletter, Bloomberg’s Gurman talks about his expectations for Apple’s new services this year. According to his new information, Apple is developing two financial-related services, namely a hardware subscription plan and a “buy now, pay later” service for Apple Pay transactions . Buy now, pay later, a service that allows customers to pay for purchases using Apple Pay in installments, rivals existing services like Klarna.

Gurman broke the news last month about Apple’s hardware subscription plan, which will allow customers to pay a monthly subscription to use iPhones, iPads and Macs during the subscription period. Apple is said to aim to make the process of buying a hardware subscription comparable to buying iCloud storage or an Apple Music subscription, while users can subscribe to the hardware using their Apple ID and App Store account.

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