Apple ends its buy now, pay later service

Apple announced this week that it will discontinue its buy now, pay later service, Apple Pay Later, and that installment loan options from other providers will become available on its Apple Pay platform in the near future.

“Starting later this year, users around the world will be able to use their credit or debit cards, as well as installment loans offered through lenders, when making payments with Apple Pay,” the iPhone maker said in a statement. To 9to5Mac on monday.

“With the launch of this new global installment loan offering, Apple Pay Later will no longer be offered. In the United States” the statement continued.

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“We remain committed to providing our users with easy, secure and private payment options with Apple Pay, and this solution enables us to work with banks and lenders that support Apple Pay to offer flexible payments to more users in more locations around the world.”

Apple launches Apple Pay Later in the US (Apple/Fox News)

Apple also confirmed to the media that current Apple Pay Later loan users will be able to continue managing their loans and making payments through the Apple Wallet app.

The company did not immediately respond to a request for comment from FOX Business about its decision to end the service.

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Apple first announced the launch of Apple Pay Later in March 2023 and rolled it out across the US in October, allowing customers to split their purchases into four interest-free payments.

The option was seen as a rival to other buy now, pay later lenders such as Klarna and Block-owned Afterpay, which have dominated the sector.

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FOX Business’ Daniella Genovese contributed to this report.