Apple to introduce interest-free monthly payment plans to buy products via Apple Card

Bloomberg reported on Saturday that Apple Inc. (NASDAQ: AAPL) is planning on launching a new mode of payments for its potential customers. Apple Card users, as per the report, will soon be able to benefit from interest-free monthly instalments to purchase a range of products, including Macs, iPads, and AirPods. Apple also signed a £55 million deal with Sony Pictures last month.

Shares of the company dropped roughly 1% at market open on Monday but then recovered in the next hour. At £260 per share, Apple is currently 10% up year to date in the stock market after recovering from a low of £177 per share in March. Learn more about how do people make money on the stock market.

As per the U.S. tech giant, users will be able to manage their monthly payments via a dedicated section for Apple Card in the already existing iPhone Wallet app. Their card bills, Apple said, will now incorporate the payments for monthly instalments as well.

Apple tried instalment plans on iPhone last year

The announcement also accentuated that for products like iPad keyboards, Macs, Apple Pencil, iPads, and Apple’s XDR Display monitor, users will be able to make interest-free payments over 12 months. For the remaining products like Apple TV, HomePod, and AirPods, the instalment plan will comprise of six interest-free monthly payments.

It is, however, not the first time that Apple is resorting to such an offer. The Cupertino-headquartered company experimented with instalment plans last year on iPhones. In 2019, the company enabled Apple Card users to pay for the new iPhone in 24 monthly interest-free payments. Apple also offered a 3% cashback to such customers last year.

Apple Card was launched in August 2019. The technology company partnered with Goldman Sachs to offer this service that connects the users’ Apple Wallet to a digital card. A Titanium-made physical card similar to the ones from local banks, is also sent out to the users.

Apple did not make an official statement on the news on Saturday.

Apple patents its new technology for group selfies

In separate news, Apple said on Monday that it is working on a new technology that will enable users to click a group selfie with friends or family without the need to be with them physically. As per the sources, Apple has already patented the new feature envisioned for the next iPhone.  

At the time of writing, Apple is valued at £1.13 trillion and has a price to earnings ratio of 25.88.