(July 14): Apple Inc is working on a new service that will let consumers pay for any Apple Pay purchase in instalments over time, rivalling the “buy now, pay later” offerings popularized by services from Affirm Holdings Inc and PayPal Holdings Inc.

The upcoming service, known internally as Apple Pay Later, will use Goldman Sachs Group Inc as the lender for the loans needed for the instalment offerings, according to people with knowledge of the matter. Goldman Sachs has been Apple’s partner for the Apple Card credit card since 2019, but the new offering isn’t tied to the Apple Card and doesn’t require the use of one, said the people, who asked not to be named discussing unannounced products.