With Apple Pay Later, Apple may take another stab at the PayPal model

Enlarge / Apple Pay on an iPhone and Apple Watch. (credit: Apple)

Apple will continue to expand beyond traditional technology projects with a new feature the company is internally calling "Apple Pay Later," according to a new report in Bloomberg.

With Apple Pay Later, users making either retail or online purchases with Apple Pay will have the option of paying over time rather than entirely up front. Users will not need an Apple Card (the company's recently launched credit card service) to take advantage of Apple Pay Later, according to the report.

Apple will offer two payment options. One is dubbed "Apple Pay Monthly Installments," and it would allow users to pay off the loan with interest over a long period in—you guessed it—monthly installments. The other, called "Apple Pay in 4" internally, will let users pay for purchases with four interest-free payments due every two weeks.

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