Apple to discontinue pay later service in the US
Apple is winding down its buy now, pay later (BNPL) service in favour of a new instalment loan offering set to arrive “later this year”.
Apple cancels Pay Later service in US
The announcement comes just 15 months after the tech giant first debuted Apple Pay Later in the US, which enables users to borrow between $50 and $1,000 and pay back the loan over four instalments spread over six weeks. Apple then delivered a general launch of the service the following October.
However, the company now appears to be pivoting its interests in consumer lending towards an instalment loan offering, with plans to action its arrival through a string of global partnerships.
This includes partnerships with ANZ in Australia, CaixaBank in Spain, HSBC and Monzo in the UK, and Citi, Synchrony, Affirm and Fiserv issuers in the US.
Likewise, it was also announced earlier this month that Apple had selected Spanish banking giant Santander’s digital consumer finance platform Zinia to extend a range of new financing options, including split and deferred payments, to its customers in Germany.
As a result of the impending arrival of its instalment loans, Apple says it will “no longer offer Apply Pay Later in the US”, according to reports.
“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.”
