In recent news, Apple Inc. has announced the discontinuation of its buy now, pay later service, Apple Pay Later. The company stated that installment loan options from other providers will soon be available on its Apple Pay platform worldwide.
According to a statement made to 9to5Mac on Monday, users will soon have access to installment loans through credit and debit cards, as well as lenders, when using Apple Pay. This global installment loan offering will replace Apple Pay Later in the U.S., emphasizing Apple’s commitment to providing secure and private payment options.
Apple customers with existing Apple Pay Later loans are still able to manage and pay off their loans through the Apple Wallet app. The company has not yet responded to inquiries regarding their decision to discontinue the service. It is unclear why the service was discontinued but it is speculated that it may have been due to competition from other buy now, pay later providers like Klarna and Block-owned Afterpay, which have been leading the industry.
The move to end Apple Pay Later comes as Apple aims to collaborate with banks and lenders to bring flexible payment options to more users globally. The service was launched as a competitor to other buy now, pay later providers but it seems that the company has decided