Apple Changing Its Pay Later Option With New "Installment Loans"

Apple Changing Its , Pay Later Option , With New "Installment Loans".

'The Independent' reports that Apple has announced the end of its Apple Pay Later service, just months after introducing the buy now pay later plan.

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In March of 2023, the Apple Pay Later service launched for select users, enabling them to take "pay later" loans.

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In October, the service saw a wide roll out in the United States, giving users an option to make four installment payments over a six week period.

Apple said it will introduce a new service that allows users to apply for "installment loans" directly from credit cards and other lenders at check out.

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Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay, Apple statement, via 9to5Mac.

The ability to access installments from credit and debit cards with Apple Pay will roll out starting in Australia with ANZ, .., Apple statement, via 9to5Mac.

... in Spain with CaixaBank, in the UK with HSBC and Monzo; and in the US with Citi, Synchrony, and issuers with Fiserv, Apple statement, via 9to5Mac.

According to Apple, the new service is meant to , "enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders.”.

With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S, Apple statement, via 9to5Mac.

On the company's support page, Apple says the decision will not impact existing loans or purchases made through the Apple Pay Later service