Apple Halts ‘Buy Now, Pay Later’ Loans in the U.S., Shifts Focus to Credit and Debit Card Installments
On Monday, Apple announced that it has ceased issuing loans through its Apple Pay Later program in the United States. Launched just last year, the buy-now-pay-later service allowed users to make purchases and pay in installments, but will no longer be available moving forward.
An Apple spokesperson informed CNBC about the strategic shift, stating, “Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay.” This move indicates a significant change in Apple’s approach to consumer financing, emphasizing broader access to installment plans via traditional credit and debit card services.
Apple Pay Later initially garnered attention for its seamless integration with Apple’s payment ecosystem, offering consumers a flexible payment option at checkout. However, the decision to halt the service suggests that Apple is recalibrating its financial services strategy to better align with global payment trends and user preferences.
This development marks a notable pivot in Apple’s financial services, as the company continues to innovate and adapt its offerings to meet the evolving needs of its customers. By leveraging existing credit and debit card infrastructures, Apple aims to provide a more universally accessible and convenient installment payment experience for users worldwide.