Apple discontinuing Apple Pay Later, forward of recent options launching this fall

Apple has introduced that it’s not providing Apple Pay Later, the “purchase now, pay later” service that launched in the US final 12 months. The change goes into impact beginning at the moment, Apple says. Current customers with open Apple Pay Later loans will nonetheless have the ability to handle them through the Pockets app.

As a substitute, Apple is specializing in new options coming globally to Apple Pay later this 12 months, together with the flexibility to entry installment mortgage choices from eligible credit score or debit playing cards, in addition to Affirm.

Apple introduced the information in a press release to 9to5Mac:

Beginning later this 12 months, customers throughout the globe will have the ability to entry installment loans provided by way of credit score and debit playing cards, in addition to lenders, when trying out with Apple Pay. With the introduction of this new world installment mortgage providing, we’ll not supply Apple Pay Later within the U.S. Our focus continues to be on offering our customers with entry to straightforward, safe and personal cost choices with Apple Pay, and this answer will allow us to convey versatile funds to extra customers, in additional locations throughout the globe, in collaboration with Apple Pay enabled banks and lenders.

Apple tells me that customers who’ve an energetic mortgage by way of Apple Pay Later will nonetheless have the ability to handle and pay their loans utilizing the Apple Pockets app, simply as they do at the moment.

After being introduced at WWDC 2022, a preview of Apple Pay Later launched in the US in March 2023, adopted by common availability within the US in October. The service provided “purchase now, pay later” loans instantly through the Apple Pay try expertise. The platform allowed customers to use for a mortgage starting from $50 to $1,000 and break up that buy into 4 equal funds throughout six weeks, with no charges or curiosity.

Apple emphasizes in its assertion that its focus is on the brand new installment mortgage options coming to Apple Pay later this 12 months. These options shall be out there in a number of international locations around the globe. Apple Pay Later, in the meantime, was solely ever out there in the US.

Right here’s a recap of the brand new Apple Pay options Apple introduced final week:

Apple Pay introduces much more flexibility and selection for customers once they try on-line and in-app. Customers can view and redeem rewards, and entry installment mortgage choices from eligible credit score or debit playing cards, when making a purchase order on-line or in-app with iPhone and iPad. These options shall be out there for any Apple Pay-enabled financial institution or issuer to combine in supported markets.

The flexibility to entry installments from credit score and debit playing cards with Apple Pay will roll out beginning in Australia with ANZ; in Spain with CaixaBank; within the U.Okay. with HSBC and Monzo; and within the U.S. with Citi, Synchrony, and issuers with Fiserv. Customers within the U.S. may even have the ability to apply for loans instantly by way of Affirm once they try with Apple Pay.

Loans provided by way of Apple Pay Later have been backed by Apple itself, whereas Goldman Sachs was the issuer of the Mastercard cost credential used to finish Apple Pay Later purchases.

Learn extra particulars about what’s new within the Apple Pockets app in our protection from WWDC final week.

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