Apple Discontinues ‘Apple Pay Later’ Service in the US, Introduces New Global Installment Loans
San Francisco: Apple has announced the discontinuation of its ‘Apple Pay Later’ service in the United States.
Launched in October of the previous year, Apple Pay Later allowed users to take out “pay later” loans, which could be paid in four installments over six weeks.
The company is now introducing a new service called “installment loans.”
“Starting later this year, users globally will be able to access installment loans through credit and debit cards, as well as lenders, when checking out with Apple Pay,” Apple stated to 9to5Mac.
With this new global installment loan offering, Apple will cease to provide Apple Pay Later in the US, the company confirmed.
Apple Pay Later was initially announced in conjunction with the release of iOS 16.
“Our focus remains on providing our users with access to easy, secure, and private payment options through Apple Pay. This solution will allow us to bring flexible payment options to more users worldwide, in collaboration with Apple Pay-enabled banks and lenders,” said the iPhone maker.
According to a support document, Apple Pay Later is no longer offering new loans, but existing Apple Pay Later loans and purchases will remain unaffected.
