Apple is shutting down Apple Pay Later, its buy now, pay later service

Apple is shutting down Apple Pay Later, its buy now, pay later service as it looks at working with third parties for instalment loans.

Launched in the US last year, the current service allows consumers to split purchases into four payments over six weeks with zero interest and no fees. Users apply for Apple Pay Later loans ranging from $50 to $1,000, which could be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.

An Apple statement provided to 9to5Mac revealed that later this year, users will be able to apply for “installment loans” from credit cards, debit cards, and lenders when checking out with Apple Pay. This new service, available globally through iOS 18 on the Apple Pay platform, will allow users to continue managing open loans within the Wallet app.

Here is Apple’s full unsigned statement as given to 9to5Mac:

“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. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S. 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.”

For this new instalment service, Apple has partnered with ANZ in Australia, HSBC and Monzo in the UK, CaixaBank in Spain and Citi Synchrony, Affirm and issuers with Fiserv in the US

Apple has not officially responded to this story.