“Apple Inc.’s expansion into buy-now pay-later financing could be just the beginning of an attempt to shake up the traditional payments system. The consumer-electronics giant has made other ventures into financial services before, including through its Apple Pay payment technology and a co-branded credit card done with Goldman Sachs Group Inc. However, Apple’s BNPL launch, announced in June at its WWDC developer event, is notable because the company has decided to take on lending functions itself through a new in-house finance arm…For Pay Later, Apple is leveraging Mastercard Installments, a program by the card giant that lets lenders make installment offers to customers, and Apple’s new finance arm will maintain state lending licenses. Goldman will be the issuing bank, but “in name only,” according to Noyes, since the smartphone giant is creating a new Apple Financing LLC lending entity that will make credit decisions.”