Apple is stopping its Apple Pay Later service, where you can buy now and pay later. They told 9to5Mac about this. The service lets people borrow money to pay back in four parts over six weeks. It only started fully in the US in October 2023.
Instead, Apple says users can get installment loans from credit cards, debit cards, and lenders when they use Apple Pay later in the year.
Apple’s Statement and Service Updates Explained
Here is the complete statement from Apple, which was provided to 9to5Mac without a signature:
Beginning later this year, people worldwide can get installment loans through credit and debit cards and lenders when they use Apple Pay for checkout. As we introduce this new global installment loan service, we will no longer provide Apple Pay Later in the U.S. Our goal remains to offer simple, secure, and private payment choices with Apple Pay. This approach allows us to offer flexible payment options to more users in more locations globally, working together with banks and lenders that support Apple Pay.
Apple did not respond right away to The Verge’s request for comment. According to an Apple support document, “Apple Pay Later is no longer issuing new loans,” but it assures that existing Apple Pay Later loans and purchases are unaffected.
Apple Pay Later was first introduced when iOS 16 was announced, but it was not included in the initial iOS 16 release. The company began sending early access invitations to “randomly selected users” in March 2023, and then the service was officially launched across the US in October.
Conclusion
Apple is stopping its Apple Pay Later service, where you could buy now and pay later. They launched it fully in the US in October 2023, letting people borrow money to pay back in four parts over six weeks. Instead, Apple will let users worldwide get installment loans through Apple Pay from banks and lenders later this year.
