Apple has announced the discontinuation of its Apple Pay Later program, which allowed users to buy products online and pay in four interest-free installments. The move is part of a broader strategy to integrate installment loan options into its Apple Pay checkout process through third-party companies like Affirm and major credit and debit card issuers such as Citigroup. This shift signifies that not all fintech innovations by Apple align with its long-term business goals. By leveraging third-party financial intermediaries, Apple aims to extend installment payment options to a global audience, beyond the U.S.-centric Apple Pay Later. The new installment plans will be accessible through credit and debit cards, as well as specific lenders, enhancing the payment flexibility for Apple Pay users worldwide. Existing Apple Pay Later users will still be able to manage their loans within the iPhone Wallet app. This strategic pivot underscores Apple's commitment to secure, private transactions while streamlining its financial services.
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