Apple Shutting Down Its Apple Pay Later Services in United States, Announces To Launch ‘Global Installment Loans’ to Multiple Countries

Cupertino, June 18: Apple Pay Later, a BNPL (buy now, pay later) service that was introduced on October 23, 2023, allowing users to split their purchases into four equal payments in six months without any interest or fees, is now being shut down by the tech giant in the United States. The announcement of the Apple Pay Later shutdown was made recently and the service was said to discontinue soon.

9to5Mac reported that Apple announced it would shut down Apple Pay later in its official statement. On the other hand, the company said that users and lenders across the globe would be able to access the new "instalment loans" service using their credit or debit cards. According to Apple's statement in the report, the company would not offer Apple Pay Later services in the US by introducing a new global instalment loan option. Apple To Shut Down ‘Apple Pay Later’ Service in United States After Few Months After Launch, Launching ‘Installment Loans’.

Apple reportedly stated that it would continue providing users with its signature easy, private, and secure Apple Pay payment options. The tech giant is committed to bringing flexible payments to more users across more places. The company also confirmed that it would provide these services in collaboration with Apple Pay-enabled lenders and banks, ensuring a seamless transition for its users.

9to5Mac further mentioned that the existing users could still manage their Apple Pay Later loans using the Apple Wallet app. Apple Pay Later offered users a "buy now, pay later" facility in October, but it was first unveiled in March 2023. According to a report by The Verge, Apple Pay Later was announced during the WWDC 2022 event in March 2023. 

Apple's 'buy now, pay later' (BNPL) loan service was generally available for people in the US. These loans were payable directly through the Apple Pay check-out experience. Apple Pay Later allowed users to apply for loans from $50 to $1,000. Later, they were allowed to split their purchase into four equal payments. UPSC Prelims 2024: AI App ‘PadhAI’ Cracks Civil Services Examination in Seven Minutes; Check Score and Other Details.

Apple's new installment loans will be introduced to Apple Pay coming weeks or months in 2024. It will be launched across multiple countries. The shut down of Apple Pay Later was, however, limited to only the United States. The Apple installment loans are expected to offer better services to the global users.

(The above story first appeared on LatestLY on Jun 18, 2024 10:09 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).