Apple Pay Later – US Treasury Reports Concerns | TechBuzz

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A few weeks ago, Apple announced the new Apple Pay Later service. What at first glance looks like a very classic offer is now attracting the attention of the US tax authorities.

Anyone who pays in the USA with Apple Wallet in the future should be able to pay off the amount in four installments over six weeks if they wish. What seems unusual for Central European conditions is quite common in the USA, where salaries and wages are paid at shorter intervals than monthly. Many services offer such options, but the US Treasury is now speaking out on the issue of settlement.

Apple Pay Later and the bank in the background

While the Apple Card is processed by Goldman Sachs, Apple itself acts as the processor here – and thus acts as a bank. Another proof that Apple is planning to release its own banking license. The CFPB (Consumer Financial Protection Bureau) notes some problems in advance in a report. The market for virtual credit cards is a very young sector, according to the CFPB.

Privacy and Competition

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On the one hand, there are concerns about data protection. Apple could merge payment data with movement profiles, device usage and health data. On the other hand, there are concerns about open competition. Apple could integrate its own bank much more deeply into the operating system and thus significantly influence the customer’s choice.

Apple Pay and the lighter debt

In addition, there are fears that customers could become over-indebted and the process will be made even easier. An argument that would also apply to many other services of this type, even in this country.

In any case: The CFPB would like to examine the offer very carefully in the future.

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Via Apple Insider

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