Apple is reportedly developing a new product called Apple Pay Later that would allow users of its payment app to make purchases in installments over time. Goldman Sachs will be Apple’s partner on the initiative, providing capital for the loans, Bloomberg’s sources said. (Bloomberg)

Talking point: The new service would position Apple to cash in on the market for so-called “buy now, pay later” offerings—and potentially drown out rivals. Shares in installment-payment companies Affirm and Afterpay dropped after the report. Apple is expected to offer Apple Pay users the option to make payments in four interest-free installments every two weeks, or over a period of several months with interest. It’s unclear whether the service would be available in Canada, and Bloomberg’s sources cautioned that it is still in development and that its features could change or be cancelled.