Apple has shut down Apple Pay Later only nine months after it was first launched in October 2023.
The service allowed users in the U.S. to take out loans ranging from $50 to $1,000, payable in four installments over six weeks with no fees or interest.
In its place, Apple will offer installment loans through credit cards, debit cards, and lenders later this year.
Apple's Pay Later is being discontinued. ‼️
— DramaAlert (@DramaAlert) June 17, 2024
Who even used this!? 😭 pic.twitter.com/d61kDuhjRB
The new offering will be available globally, with an initial rollout in Australia, Spain, the U.K., and the U.S.
Users in the U.S. will be able to apply for loans directly through Affirm.
The company outlined the transition in a statement to 9to5Mac, also releasing support documents stating that existing Apple Pay Later loans and purchases would not be affected.
"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," the statement read.
Apple Pay's New Features
Apple Pay Later was first introduced when iOS 16 was announced at WWDC 2022.
The tech giant then began inviting randomly chosen users to try it out in March 2023, only making it available to everyone in the U.S. in October.
With the shutdown of Apple Pay Later, the company has announced new features for Apple Pay that will let users view and redeem rewards when making a purchase online or in-app.
Users will also be able to access installment loan offerings from credit or debit cards when making a purchase online or in-app.
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Editing by Katherine 'Makkie' Maclang
