Apple to show Apple Pay service this month: Bloomberg

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The companies plan to showcase the program this month at Apple stores in Canada, Bloomberg reported, citing a message sent to Apple retail employees in the region.

The service will let iPhone, Mac and iPad buyers in Canada pay for purchases over 12 or 24 months instead of in-full at the time of the transaction, according to Bloomberg reports.

Bloomberg reported last month that Apple was working on a service to let customers pay for purchases in installments and it would use Goldman Sachs Group Inc as the lender for the loans made by Apple Pay.

In the United States, Australia and Europe, pay now is marketed as an alternative to credit cards. The service has increased during the Pandemic as consumers seek other options to make purchases that are easier on their wallets.

On Monday, Square Inc, the payments firm of Twitter Inc co-founder Jack Dorsey, said it would buy now, pay later pioneer Afterpay Ltd for $29 billion, creating a transaction giant that will battle banks and tech firms in the fastest growing business area.