Apple Discontinues Pay Later Program Introduces New Installment Loan Service

Apple Inc. has decided to discontinue its Pay Later program, marking a significant shift away from directly offering financial services. Launched just last year in the United States, Pay Later allowed Apple customers to split purchases of up to $1,000 into four interest-free installments using Apple's own platform. However, with the upcoming iOS 18 software update, Apple will be integrating third-party services such as Affirm Holdings Inc. and Citigroup Inc., effectively phasing out its in-house lending initiative.

The decision to shutter Pay Later comes as Apple seeks to streamline its financial services offerings and enhance collaboration with established financial partners. Starting later this year, users globally will have access to installment loans through credit and debit cards, as well as through partnering lenders, all accessible via Apple Pay. This move aims to provide users with greater payment flexibility while leveraging the infrastructure and expertise of established financial institutions.

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Apple clarified that existing users with active loans under the Pay Later program will still be able to manage their accounts through the Wallet app. This transition is part of Apple's broader strategy to focus on providing secure and seamless payment experiences through Apple Pay, ensuring privacy and ease of use for its customers worldwide.

The integration of third-party installment loan services into Apple Pay underscores Apple's commitment to expanding its financial services ecosystem while discontinuing its direct involvement in lending operations. This strategic pivot aligns with Apple's ongoing efforts to enhance its ecosystem's user experience and accessibility, catering to diverse financial needs across different markets.

The news of Apple's decision to discontinue Pay Later and integrate third-party installment loan services was first reported by 9to5Mac, highlighting Apple's evolving strategy in the financial services sector as it prepares for the iOS 18 rollout.

June 18, 2024 12:43 p.m. 526

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