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 card s, as well as Affirm.
Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders. Apple has ventured further into banking in recent years, but Apple Pay Later was the only financial service the iPhone maker truly handled itself.
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