Apple is canceling Pay Later, its service for financing iPhone purchases, just months after its debut

Apple, pay later This is already history. Just months after its debut in the US, Apple has dropped its interest-free, fee-free purchase financing service directly from an iPhone or iPad. The company noted that this decision responds to the need to focus on new features that will be added to Apple Pay in the coming months and will have a global scope.

Cupertino residents confirmed the end of support for Apple Pay Later in a statement shared with 9to5Mac. The company has indicated that it will be adding another option this year to request an installment loan when making a payment through Apple Pay. This will be offered through both credit and debit cards and through lending institutions, and in more countries.

“With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the US. Our focus remains on providing our users with access to simple, secure and private payment options using Apple Pay, and this solution will allow us to bring flexible payments to more users in more places around the world in collaboration with banks and lenders , supporting Apple Pay,” Apple explained.

Thus, Apple Pay Later says goodbye after just 8 months of full-time operation in the US. While the service debuted for select customers last March, it was only enabled in October for all Apple Pay users in the North American country.

Apple cancels Pay Later, but is already working on a global replacement

Apple announced Pay Later at WWDC 2022 as part of its promotion of its financial services. With this feature, users could split the payment for a purchase. in installments up to 4 for a period of 6 weeks straight from check from Apple Pay. To do this, they had to take out a loan of between $50 and $1,000, which they then repaid using a debit card linked to their wallet.

But be careful: Apple is canceling Pay Later This doesn’t mean I failed., Nothing like this. At WWDC 2024, Cupertino residents unveiled several new features that will soon be included in Apple Pay around the world. Among them is the possibility of obtaining installment loans using cards through authorized banks and issuers.

“Apple Pay gives users even more flexibility and options when making payments online and in the app. Users can view and redeem rewards and access installment loan offers from eligible credit or debit cards when making a purchase online or in the app.” iPhone and iPad. These features will be available to any bank or issuer that supports Apple Pay for integration in supported markets.”

Manzana

Spain will be one of the first countries to introduce a new installment lending system similar to Apple Pay Later.. It will initially be available through CaixaBank, Cupertino sources said, but there is no mention of whether it will be extended to other banking institutions. Other markets where it will debut will be Australia and the UK, with more countries likely to follow as time goes on.

For Apple Pay Later users, canceling the service It will be in effect from today. This means that from this Monday it will no longer be possible to finance purchases made. Of course, those who already had an open loan will be able to continue to manage it from the Wallet until the repayment is complete. The new installment loan feature, which will replace Pay Later, will also be offered in the US through Citi, Affirm, Fiserv and Synchrony.