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New Protections for "Buy Now, Pay Later" Shoppers

New Protections for "Buy Now, Pay Later" Shoppers

Apple has discontinued its "buy now, pay later" service known as Apple Pay Later, less than a year after its launch. The shutdown precedes the rollout of new Apple Pay features that will allow installment loans through Affirm, aiming to provide users with more flexible payment solutions globally in collaboration with banks and lenders. Existing Apple Pay Later users can still manage their loans via the Apple Wallet app. This move aligns with broader efforts to regulate the growing buy now, pay later (BNPL) industry, which has seen a surge from $2 billion in loans in 2019 to $24 billion in 2021. Financial regulators have introduced rules to protect consumers, such as a CFPB mandate requiring BNPL lenders to offer the same protections as traditional credit cards, including dispute rights and refunds on returns. These regulations aim to mitigate the risks of accumulating debt, a common issue among BNPL users.

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