Apple $AAPL’s buy now, pay later loans have only been widely available in the U.S. since last October, but the tech giant is already winding down the offering.
The Apple Pay Later service went live to everyone in October 2023, but now Apple is going a different route
Apple $AAPL’s buy now, pay later loans have only been widely available in the U.S. since last October, but the tech giant is already winding down the offering.
In a statement to 9to5Mac, Apple confirmed the sunsetting of Apple Pay Later in the U.S. Instead, Apple is focusing on new global payment services that are slated to come to Apple Pay soon.
“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,” Apple told the news outlet.
The change makes sense. Apple is hot off announcing its new partnership with Affirm, a third-party buy now, pay later app.
Apple Pay Later was first announced in 2022, and launched as a preview in March 2023 before expanding to everyone in October 2023. While the service is shutting down effective immediately, those with loans will still be able to manage and pay them off through the Wallet app.
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