https://techcrunch.com/2022/06/08/apples-pay-later-installment-credit-scheme-will-live-under-a-new-lending-subsidiary/

The news that Apple would offer its own “buy now, pay later” service splitting any Apple Pay bill into installments hit the fintech lending world like a thunderbolt. But it turns out the new feature, while simple for consumers, necessitated a bit of backstage reorganizing at Apple, including a whole new subsidiary that will run it.

The new feature, called Apple Pay Later, lets users pay for purchases into four equal payments made every two weeks, with no interest or fees. This type of “bill me later” type payment has been popular lately as an addition to online retail at checkout, where companies like Affirm and Klarna offered easy ways to overcome “confirm order” hesitancy with similar schemes.