June 18th 2024.
Apple has recently made the decision to discontinue its buy now, pay later service, known as 'Apple Pay Later', in the United States. This service, which allowed users to take out loans and pay them off in four installments over a period of six weeks, was first launched in October of last year. However, the tech giant has now announced the introduction of a new service called "installment loans".
According to reports, this new global installment loan offering will be available to users later this year through both credit and debit cards, as well as lenders. This means that when making purchases through Apple Pay, users will now have the option to pay in installments instead of all at once. As a result of this new service, Apple has made the decision to discontinue Apple Pay Later in the US.
The initial launch of Apple Pay Later was announced alongside the release of iOS 16. However, the company's focus has shifted towards providing users with easy, secure, and private payment options through Apple Pay. With this new installment loan offering, they hope to make flexible payments more accessible to users around the world, working in collaboration with banks and lenders that offer Apple Pay.
According to a support document, it has been confirmed that Apple Pay Later will no longer be offering new loans. However, any existing loans and purchases made through the service will not be affected. This decision is part of Apple's ongoing efforts to improve and expand their payment options for users, making it easier for them to manage their finances.
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