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Apple Is Shutting Down Its Buy Now, Pay Later Service

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Apple is planning to shut down its Buy Now Pay Later service just after a year after the launch. The tech giant shifting its focus to third parties for installment loans.

Apple launched this service in the US last year which allows users to take a loan of up to $1000 during the Apple Pay checkout. Shoppers can divide the purchase into four equal payments across six weeks without any charges or interest.

But earlier this month, the business announced ambitions for a global installment loan program via credit and debit cards, in addition to BNPL behemoth Affirm.

Says an Apple statement: “Starting later this year, users across the globe will be able to access instalment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay.

“With the introduction of this new global instalment loan offering, we will no longer offer Apple Pay Later in the US. 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.”

First revealed in 2022, Apple Pay Later debuted as a preview in March 2023 and went public for everyone in October 2023. Those who have loans can continue manage and repay them using the Wallet app, even though the service is closing down immediately.

 

 

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