Apple says it will no longer offer Apple Pay Later, the BNPL service launched in the US in 2023, and will focus on installment loan features coming in 2024
what you need to know Ann Resuma / International Business Times : Apple Pay Later Ceases To Offer Purchases On Installment In US Will Shanklin / Engadget : Apple Pay Later is dead, long live Affirm loans Kif Leswing / CNBC : Apple stops offering buy now, pay later loans in U.S. Ezza Ijaz / Wccftech : Apple Pay Later Program To Be Discontinued As New Loan Installment Feature Launches Globally This Fall Stan Schroeder / Mashable : Apple is discontinuing Apple Pay Later, but a replacement is coming The Paypers : Apple shuts down Pay Later feature Leigh Mc Gowran / Silicon Republic : Apple is scrapping its Pay Later service Callum Williams / PaymentExpert.com : Apple axes BNPL service after only one year opting for different approach Amit Singh / TipRanks Financial : Apple (AAPL) Shifts Focus, Discontinues Apple Pay Later Steve Vegvari / iPhone in Canada Blog : Apple Shutters Apple Pay Later Months After its Launch Kwan Wei Kevin Tan / Business Insider : Apple doesn't want to be your banker anymore RTTNews : Apple Stops Pay Later Scheme; Unveils Installment Loan Service Leo Grieco / Proactive : Apple axes buy now, pay later scheme months after US launch Chris Barylick / O'Grady's PowerPage : Apple discontinues Apple Pay Later program, looks to add new financial options under iOS 18 Livemint : Apple shuts down Pay Later service in US less than a year after launch. All you need to know Alan Friedman / PhoneArena : Apple Pay Later is shut down; replacement is coming later this year Joe Wituschek / BGR : Apple is shutting down its Apple Pay Later service - good riddance Harsh Vardhan / Invezz : Apple to discontinue Apple Pay Later loans, shift focus to third-party installment options Asma Hussain / iThinkDifferent : Apple Pay Later discontinued - New installment loan options coming David Becker / Appleosophy : Apple Pay Later has officially been discontinued by Apple Payments Dive : Apple to drop BNPL option in US Ed Hardy / Cult of Mac : Apple ‘buy now, pay later’ service gets the ax Juby Babu / Reuters : Apple to discontinue ‘buy now, pay later’ service in US as it plans new loan program Andrew Heinzman / How-To Geek : Apple Pay Later Is Dead, Thank Goodness Edgar Cervantes / Android Authority : See you later, Apple Pay Later Ryan Lawler / Axios : Apple discontinues short-lived BNPL offering Jack Purcher / Patently Apple : Apple will be Dropping Apple Pay's ‘Pay Later’ service when iOS 18 Arrives later this year Mudit Dube / NewsBytes : Apple discontinues ‘Pay Later’ service just months after launch Omar Gallaga / CNET : Apple Pay Later Is Shutting Down, Report Says John Callaham / Neowin : The Apple Pay Later service is shutting down just months after its full US launch Financial Times : Apple scraps ‘buy now, pay later’ service in US just months after rollout Morgan Haefner / Quartz : Apple shut down its buy now, pay later feature after less than a year Maxwell Zeff / Gizmodo : Apple Pay Later Is Dead, Your Debt Is Not Finextra : Apple shuts down Apple Pay Later Connor Jewiss / iMore : Apple Pay Later is already being shut down, after only launching last year Omar Moharram / Supercharged : Apple Pay Later to be discontinued today ahead of new Wallet features in iOS 18 Amber Neely / AppleInsider : Apple Pay Later is getting killed in favor of third-party loan integration Michael Simon / Macworld : Apple discontinues its ‘Pay Later’ service ahead of expanded loan offerings Dan Moren / Six Colors : Apple Pay Later where later means never ↦ Adam Davidson / Pocket-lint : Apple Pay Later is shutting down X: Max Weinbach / @maxwinebach : It's at most $1000 charges, no interest or late fees even if loan is past due. This was quite literally them handing out free 6 week loans, I'm shocked it lasted a year. It probably cost them more in infra to run than any ROI They'd make maybe a little on payment processing? @tailosivetech : Good. It was encouraging poor spending behavior Paris Marx / @parismarx : Apple should've never launched this service in the first place. It's good they shut it down, but they don't deserve any praise for it. https://www.ft.com/... Max Weinbach / @maxwinebach : I thought Apple would take over more financing themselves after I saw Apple Financing did the lending for Apple Pay Later Guess they decided to shut it down. It's not a great business here, defaults were probably low and with 0% APR they probably weren't making anything Benjamin Mayo / @bzamayo : The time between Apple Pay Later being announced in June 2022, and first being available in limited beta in March 2023, is longer than how long it lasted as an actual publicly released product (October 2023 — today). Neil Cybart / @neilcybart : It was reasonable to assume Apple thought Goldman's Marcus subsidiary was going to be a good future partner for Apple Pay Later in the U.S. However, Goldman lost interest in / forced to get out of consumer lending. Apple's decision to keep risk on its own balance sheet was peculiar. Neil Cybart / @neilcybart : Apple just discontinued Apple Pay Later. The loans (<$1,000) associated with the payment offering were underwritten and funded via its Apple Financing LLC subsidiary. Losses landed with Apple, not a financial partner. This made feature expansion...complicated. Based on last week's WWDC announcements, Apple has instead partnered with Affirm for BNPL. While Apple will continue to expand its broader Apple Pay portfolio, there is a limit as to what Apple wants to handle on its own. Benjamin Mayo / @bzamayo : lol wut https://9to5mac.com/... Zac Hall / @apollozac : NEWS about the service that served as inspiration for the 2023 Pride band Aaron / @aaronp613 : Its so odd, this was in 17.6 beta 1 about Apple Pay Later [Screenshot of code snippet: “Your account has been locked due to a bankruptcy..."] Forums: Hacker News : Apple Discontinuing Apple Pay Later r/apple : Apple discontinuing Apple Pay Later, ahead of new features launching this fall r/technology : Apple Discontinuing Its ‘Buy Now, Pay Later’ Service, Apple Pay Later, Just a Year After Launch r/AppleWallet : Apple discontinuing Apple Pay Later, ahead of new features launching this fall Msmash / Slashdot : Apple Discontinues ‘Buy Now, Pay Later’ Service MacRumors Forums : Apple Discontinuing Apple Pay Later