Apple shutting down Pay Later in the US after one year
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Apple’s Pay Later programme had allowed US customers to pay off purchases of as much as $1,350 over four instalments.
PHOTO: BLOOMBERG
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Los Angeles – Apple is shutting down its Pay Later programme, which lets customers make purchases on an instalment plan, marking a retreat from efforts to offer more financial services in-house.
The company said on June 17 that it’s no longer offering loans for Apple Pay Later, which allowed users to pay off purchases of as much as US$1,000 (S$1,350) over four instalments.
The iPhone maker took the step after announcing that third-party services – such as ones from Affirm Holdings and Citigroup – would be integrated into its upcoming iOS 18 software.
“Starting later this year, users across the globe will be able to access instalment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay,” a spokesperson said in a statement. “With the introduction of this new global instalment loan offering, we will no longer offer Apple Pay Later in the US.”
Apple launched its Pay Later programme
The new services in iOS 18 will be available globally through the company’s Apple Pay platform. And users with open loans will continue to be able to manage them within the Wallet app, Apple said.
“Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay-enabled banks and lenders,” the company said. BLOOMBERG
