While gearing up to launch a new loan program, Apple announced on Monday that it will no longer offer its buy now, pay later program in the United States. Instead, the company has shifted to launching new features for Apple Pay that will allow users to get loan installments through their debit or credit cards, and the Pay Later facility will be discontinued.
Apple is set on introducing a loan installment program for its users globally through Apple Pay
In March 2023, Apple launched a program in the U.S. that took the financial burden off the user's shoulders by giving them the option to pay for purchases over a period of time through Apple Pay. With this ease, users could split their purchases into four payments and had to incur zero fees and interest. The track of the loans could be easily managed through one platform: Apple's Wallet app.
Apple plans to introduce an upgraded feature in place of the Pay Later service, which is access to installment loans. This facility will be available later this year, and Apple-partnered banks and lenders will help bring flexible payment choices across the globe. Users can use credit or debit to check out loan installments through Apple Pay. In a statement to 9to5Mac, Apple shared its decision to discontinue the Pay Later program;
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. With the introduction of this new global installment 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.
Users with active loans on the previous service can still manage and pay through the Apple Wallet app. The decision to no longer offer new loans with Apple Pay is stated on the Apple Support page, emphasizing that existing users with loans are not impacted, potentially eliminating a major inconvenience otherwise.
While the Apple Pay Later Program was reserved for users in the United States, the company plans to roll out the upcoming feature globally to give wider access to flexibility and choice for buyers. The Cupertino tech giant introduced upgrades to Apple Pay with the release of iOS 18, introducing additionally a reward redemption program to encourage users to rely more on the company's payment services.
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