Apple Discontinues its ‘Buy Now Pay Later Service’


Apple has announced the discontinuation of its Apple Pay Later service. In addition, this service allowed users to take out loans. Additionally, they split purchases into four installments without incurring interest or fees. Users with existing Pay Later loans will still be able to track them within the Wallet app. However, the service will not issue new loans.

Timeline of Apple Pay Later Service

Apple initially revealed the launch of the service with the iOS 16 update in 2022. In addition, it was made available for ‘early access’ from March of the following year. However, the company has not officially integrated into the Wallet app until October 2023.

Transition to Instalment Loan Feature


Launched in collaboration with Mastercard and Goldman Sachs, the Pay Later service marked Apple’s first foray into offering short-term loans. With the service coming to an end, Apple plans to introduce a built-in installment loan feature with the iOS 18 update.

Future Plans and WWDC 2024 Announcement


During the recent WWDC 2024 event, Apple stated that the installment loan feature would initially roll out to users in the U.K. In addition, this will work with support for HSBC and Monzo banks. The company also confirmed that a new global installment loan offering will replace Apple Pay Later in the U.S. As a result, it will allow users to access installment loans through credit and debit cards, and lenders when checking out with Apple Pay.

Statement from Apple


Apple emphasized that its focus remains on providing users with secure and flexible payment options through Apple Pay. The company aims to collaborate with Apple Pay-enabled banks and lenders to bring flexible payments to more users worldwide.

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