Apple Changing Its , Pay Later Option , With New "Installment Loans".
'The Independent' reports that Apple has announced
the end of its Apple Pay Later service, just months
after introducing the buy now pay later plan. .
In March of 2023, the Apple Pay Later
service launched for select users,
enabling them to take "pay later" loans. .
In October, the service saw a wide roll out in
the United States, giving users an option to make
four installment payments over a six week period.
Apple said it will introduce a new service that allows
users to apply for "installment loans" directly from
credit cards and other lenders at check out. .
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 statement, via 9to5Mac.
The ability to access
installments from credit
and debit cards with
Apple Pay will roll out
starting in Australia
with ANZ, .., Apple statement, via 9to5Mac.
... in Spain with CaixaBank,
in the UK with HSBC
and Monzo; and in the
US with Citi, Synchrony,
and issuers with Fiserv, Apple statement, via 9to5Mac.
According to Apple, the new service is meant to , "enable us to bring flexible payments to more users,
in more places across the globe, in collaboration
with Apple Pay enabled banks and lenders.”.
With the introduction of this
new global installment loan
offering, we will no longer
offer Apple Pay Later in the U.S, Apple statement, via 9to5Mac.
On the company's support page, Apple says
the decision will not impact existing loans or
purchases made through the Apple Pay Later service