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06/19/2024 |

Apple Bids Farewell To Pay Later

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Apple Pay Later Discontinuation and Transition

AAPL (Apple) has announced the discontinuation of Apple Pay Later, the “buy now, pay later” service that launched in the United States last year. Effective today, users will no longer have access to this service for new transactions. However, existing users with active Apple Pay Later loans can still manage their payments through the Wallet app.

Introduction of Global Installment Loan Features

Starting later this year, Apple Pay will introduce new installment loan features accessible through eligible credit and debit cards. This change aims to offer more flexible payment options to users around the world, enhancing the Apple Pay experience. In collaboration with Apple Pay-enabled banks and lenders, these features will be available globally, replacing the U.S.-only Apple Pay Later.

Regional Rollout and New Partnerships

The rollout of these new installment loan features will begin in Australia with ANZ, in Spain with CaixaBank, in the U.K. with HSBC and Monzo, and in the U.S. with Citi and Synchrony. Additionally, U.S. users can apply for loans directly through Affirm when checking out with Apple Pay. These features will be integrated into the Apple Pay system, allowing users to view and redeem rewards, and access installment loans during checkout.