Apple Set to Discontinue Apple Pay, its Buy Now, Pay Later Service

Apple confirmed that it is discontinuing Apple Pay Later, its buy now, pay later service. The company confirmed this to 9to5Mac. Only in October 2023 did the service, which allows users to take out loans with a four-payment payback schedule spread over six weeks, truly begin in the US. Later this year, Apple Pay customers will have the option to apply for “instalment loans” from credit cards, debit cards, and lenders in its stead.

Apple’s full unsigned statement to 9to5Mac reads thus; “Starting later this year, users across the globe will be able to access instalment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay. With the introduction of this new global instalment loan offering, we will no longer offer Apple Pay Later in the U.S. 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.”

While “Apple Pay Later is no longer offering new loans,” according to an Apple support document, “existing Apple Pay Later loans and purchases are not affected.”

Although Apple Pay Later was not included in the initial release of iOS 16, it was initially introduced alongside the operating system. In March 2023, the firm began sending out invites for early access to “randomly selected users.” In October, the service was ultimately made available to the general public in the US.