Apple Discontinues 'Buy Now, Pay Later' Service

Apple said on Monday it will no longer offer its "buy now, pay later" service, Apple Pay Later, in the United States, and will instead focus on bringing installment loan offerings to Apple Pay users globally later this year. The company told 9to5Mac that the new feature will allow users to access installment loans from eligible credit and debit cards, as well as lenders, when checking out with Apple Pay. Existing Apple Pay Later users in the U.S. will still be able to manage their loans through the Wallet app. Apple Pay Later, which launched in the U.S. in March last year, allowed users to split purchases of $50 to $1,000 into four equal payments over six weeks without fees or interest. The company said the shift to a global installment loan offering will enable it to provide flexible payments to more users worldwide in collaboration with Apple Pay enabled banks and lenders.

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