Apple’s new ‘Apple Pay Later’ product will take on huge finance giants like Paypal and Afterpay
Apple will team up with Goldman Sachs to create the new Apple Pay Later service, which will function alongside Apple Pay. The technology will be integrated with the millions of devices people already use to tap and pay.
When a customer uses Apple Pay to make a purchase, they will have the option to pay for it across four interest-free payments made every two weeks. There is also an option to make the payments across several months, but with interest. The exact rate of interest for these monthly payments isn’t yet known.
The company already offers monthly payment instalments via the Apple Card for purchases of its own product. However, this service will expand on this feature by working with any credit card on Apple Pay. Apple also plans to make the feature available for both in-store retail purchases and online shopping.
The future of ‘tap and pay’ tech
The feature comes as Apple continues to push its ‘tap and pay’ technology. This allows iPhone users to use their phones rather than traditional credit cards.
Apple already receives a percentage of the transactions made with Apple Pay. Goldman Sachs has been Apple’s partner for the Apple Card credit card since 2019. However, the new service wont need the use of an Apple Card.
The pay later service will put the company in direct rivalry with other ‘buy now, pay later’. At this news, Affirm fell as much as 13 percent, while PayPal declined about 1.4 percent.
Payment scheme with less fees
Before users can access the feature, the need to submit an application including a copy of their ID via the iPhone’s Wallet app. Here, users can manage their payments. Apple will also offer customers with the ability to exit the payment plan and pay the outstanding fee.
Some of the plans will waiver any late and processing fees, only charging fees for the longer-term plans. Another selling point is that the service will not run a credit check on the user.
Separately, Apple is also testing a feature to allow user to create temporary digital Apple Pay Later credit cards for individual purchases.
ChatGPT creator releases tool to detect A.I. generated text
OpenAI has released a software tool that can identify if text has been generated by artificial intelligence
The company behind the popular chatbot ChatGPT says it has trained a language model to distinguish between something written by a human, and A.I.
‘AI Classifier’ uses a variety of providers to address issues such as automated misinformation campaigns and academic dishonesty.
The detection tool is very unreliable on texts under one thousand characters, and AI-written text can be edited to trick the classifier.
Many schools across the world have already banned ChatGPT from being used for projects.
Elon Musk asks court to throw case out
Twitter CEO Elon Musk has asked a judge in the U.S. to throw out a case against him
The suit claims Musk’s delayed disclosure over his large stake in the social media giant defrauded shareholders, who sold out at artificially lower prices.
Musk says investors in the proposed class action have no independent right to obtain damages.
The CEO believes he properly disclosed his stakes in Tesla and the former SolarCity Corp on several occasions, as per requirements.
Eurostar trains empty with Brexit leading to border delays
Eurostar boss says peak trains are empty because of post-Brexit passport delays
You can perhaps understand why British residents are becoming increasingly frustrated by Brexit.
During peak hour in London, Eurostar trains are running across the Channel with hundreds of empty places.
Around 350 of 900 seats are normally left unsold on the first services between London, Paris and Brussels despite “huge demand”.
It’s all because border police can’t process passports quickly enough.
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