Apple ends its buy now, pay later service
Apple Pay Later scrapped as company announces other installment loan options will be available soon
Apple is not always first to the game, but is fantastic at appealing to the masses: Mohan
BofA securities senior IT hardware analyst Wamsi Mohan says investors should buy Apple on The Claman Countdown.
Apple Inc. pulled the plug on its buy now, pay later service, Apple Pay Later, this week, saying installment loan options from other providers will be available on its Apple Pay platform in the near future.
"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," the iPhone maker said in a statement to 9to5Mac on Monday.
Apple Inc. signage at the company's Fifth Avenue store in New York, on May 15, 2024. Apple scrapped its buy now, pay later option this week. (Photographer: Michael Nagle/Bloomberg via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 225.00 | -3.22 | -1.41% |
Apple Inc.
"With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.," the statement continued.
APPLE TOPS MICROSOFT, REGAINS TITLE OF WORLD'S MOST VALUABLE COMPANY
"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."
Apple launches Apple Pay Later in the U.S. (Apple / Fox News)
Apple also confirmed to the outlet that users with current Apple Pay Later loans are still able to manage and pay their loans through the Apple Wallet app.
The company did not immediately respond to FOX Business' request for comment on its decision to end the service.
APPLE INTELLIGENCE TO BE BOON FOR FUTURE IPHONE SALES: ANALYSTS
Apple first announced the launch of Apple Pay Later in March 2023, and rolled it out across the U.S. in October, giving customers the ability to split purchases into four separate interest-free payments.
The option was seen as a competitor to other buy now, pay later lenders, including Klarna and Block-owned Afterpay, which have dominated the space.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SQ | BLOCK INC. | 84.32 | +0.90 | +1.08% |
Block Inc.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business' Daniella Genovese contributed to this report.