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Apple Inc. tiptoed into finance with Apple Pay and the credit card it launched three years ago with Goldman Sachs Group Inc. Now it is going all in.
The tech giant is launching a buy now, pay later offering in the U.S. later this year that will allow consumers that shop with Apple Pay to split purchases into four payments every two weeks. Apple will underwrite the loans and fund them, which also means absorbing losses when borrowers fail to repay. An Apple subsidiary has obtained lending licenses in most states to offer the new payment plans, called Apple Pay Later.