Apple launched its « buy now, pay later » loan service just a few months ago, but now the company is shutting it down.
Apple says it’s shutting down Apple Pay Later, the tech giant’s “buy now, pay later” loan service, less than a year after launching the product to United States users in October 2023. Apple announced the move in a statement to 9to5Mac on Monday, saying it would replace the service with loan offerings from eligible credit and debit cards, as well as Affirm.
Apple told 9to5Mac that users with an active loan through Apple Pay Later would still be able to manage and pay their loans using the Apple Wallet app. For the last eight months, Apple Pay Later enabled users to pay for purchases between $75 and $1,000 in four payments over six weeks with no interest, fees, or impact on credit score. However, Apple did not provide a reason for its sudden retreat from the company’s first in-house banking service. Here’s Apple’s full statement to 9to5Mac:
Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay.
