Apple has decided to discontinue its Apple Pay Later service just two years after its initial announcement and seven months following its launch to the public in the United States.
This move comes shortly after Apple revealed plans to integrate installment loans through third-party service Affirm later in the year, making Apple Pay Later redundant. As a result, Apple Pay Later has already been disabled as an option during checkout, and it will no longer accept new loan applications.
Users who currently have existing payment plans through Apple Pay Later will still be able to manage them through the Wallet app.
However, Apple has clarified that this service will be phased out as the company shifts its focus towards offering installment loans globally, directly through credit and debit cards and various lenders when using Apple Pay for transactions.
Apple’s decision to terminate Apple Pay Later reflects its strategy to streamline and consolidate financial services offered through its ecosystem. By integrating Affirm’s installment loans directly into Apple Pay, the company aims to provide a more cohesive and efficient payment experience for its users.
This shift underscores Apple’s ongoing efforts to enhance the utility and accessibility of its payment services while aligning with broader trends in digital and mobile finance.
While Apple Pay Later had a brief stint in the market, its closure signifies Apple’s commitment to evolving its financial offerings to better meet user needs and market demands, ensuring that its payment solutions remain competitive and relevant in an increasingly digital economy.
