Apple has confirmed the closure of Apple Pay Laterits installment payment service launched in the United States only in October 2023. The news, reported by 9to5Mac, surprised many users who had appreciated the ability to split payments into four interest-free installments over the course of six weeks.
Despite the closure of Apple Pay Later, Apple announced that by the end of the year, users around the world will be able to access installment loans offered by credit cards, debit cards and lenders directly through Apple Pay. This new global installment payments solution will allow Apple to partner with Apple Pay-enabled banks and lenders to offer more flexible payment options to more users in more geographies.
The closure of Apple Pay Later will not impact existing loans and purchases already made through the service. However, it will no longer be possible to apply for new Apple Pay Later loans. Apple has ensured that its goal remains to provide users with easy, secure and private payment options through Apple Pay.
The new global installment payment solution announced by Apple promises to offer users greater flexibility and a wider range of financing options. Partnering with Apple Pay-enabled banks and lenders could lead to more competitive interest rates and more personalized repayment terms.
Here’s Apple’s full statement, provided to 9to5Mac: “Starting this year, users around the world will be able to access installment loans offered through credit and debit cards, as well as from lenders, when paying with Apple Pay. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the United States. 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 allow us to bring flexible payments to more users, in more places around the world, in partnership with Apple Pay-enabled banks and lenders.”
The closure of Apple Pay Later just a few months after launch could be interpreted as a change in strategy by Apple, which seems to want to focus on collaborating with external financial partners to offer more complete and global installment payment services. It remains to be seen how this new solution will be received by users and what impact it will have on the digital payments market. Meanwhile, the company also seems intent on returning to having thinner devices, from the OLED iPad to the new iPhone 17
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