Apple announced that it has discontinued its Apple Pay Later program, a buy-now-pay-later service that allowed customers to purchase items online and pay in four interest-free installments. This decision aligns with Apple’s plan to integrate installment loans from third-party providers such as Affirm and credit and debit cards issued by banks like Citigroup into its Apple Pay checkout process later this year.
The Apple Pay Later service, which was limited to the U.S., enabled users to apply for loans within the iPhone Wallet app and manage their repayments directly. However, with the introduction of global installment loan offerings through financial intermediaries, Apple believes it can provide a broader reach and more flexibility for its users.
An Apple spokesperson highlighted that the move to third-party installment loans will enable a more extensive global rollout, reaching more countries than Apple Pay Later could. Existing Apple Pay Later customers will still have access to the service to manage and repay their outstanding loans.
