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Apple Abruptly Ends Apple Pay Later, Unveils New Installment Loan Program

Apple Abruptly Ends Apple Pay Later, Unveils New Installment Loan Program

Apple has announced the discontinuation of its "buy now, pay later" (BNPL) service, Apple Pay Later, which was launched in March 2023 and became fully available by October of the same year. The service allowed users to divide purchases of up to $1,000 into four interest-free installments over six weeks, aiming to increase Apple Pay users and expand Apple's financial services. However, Apple has decided to pivot towards offering new types of installment loans globally. Instead of Apple Pay Later, users will soon be able to access these installment loans through credit and debit cards, as well as partner lenders, when using Apple Pay. Existing loans under Apple Pay Later will remain unaffected, and the refund process for returns will stay the same. Apple plans to roll out this new installment loan feature with the upcoming iOS 18 operating system, partnering with banks like Citi in the US. This move aligns with Apple's commitment to providing easy, secure, and private payment options to a global audience. Apple Pay Later had seen quick adoption despite regulatory scrutiny on BNPL services, reflecting its popularity among consumers who trusted the Apple brand for short-term loans. However, the shift towards a broader global installment loan program aims to mitigate concerns about consumer risks associated with BNPL while expanding flexible payment options to more users worldwide.

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