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Apple is releasing an exciting new product, but it’s not an iPhone

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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.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Business

Rolls Royce CEO slams aviation for failing on climate targets

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Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce

Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.

Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.

Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.

Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.

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Amazon halts hiring on all corporate roles

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E-commerce giant is the latest of many to close all corporate job openings due to economic concern

Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.

The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.

This means more that ten thousand openings will be closed as of Monday evening.

The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.

However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.

He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”

The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.

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What is Elon Musk’s “everything app”?

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elon musk twitter

Elon Musk’s Twitter deal is back on, and he says it’s the key to creating his much-anticipated ‘everything app’.

The billionaire entrepreneur had been in talks to take the social media platform private, but the deal fell through. However, after news of its reinstatement, Mr Musk said that buying Twitter is an essential part of his plans for X.

The idea behind X is a sort of super app, combining messaging, social media, payments-and lack of reliance on ad revenue, similar to the Chinese WeChat. That already has more than one billion users, but so far no equivalent exists in the West.

With Twitter under his belt, Musk believes he can make X a reality much sooner than originally planned. “It’s brought forward our X project by three to five years, but I could be wrong,” he said.

There are no further details on the X project at this time, but with Musk’s track record of visionary innovation, it’s sure to be something we’re all talking about in the near future.

Why does Elon Musk want to buy Twitter?

Elon Musk is known for his ambitious plans and big ideas, so it’s no surprise that he sees Twitter as a key piece of the puzzle for his next project, X.

The details of the deal have not been made public, but it is thought that Musk is paying a premium for Twitter.

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