Apple discontinues 'Apple Pay Later' months after launch

Apple is discontinuing its 'buy now, pay later' service, 'Apple Pay Later,' just months after its October 2023 launch in the US. The service allowed users to take out loans repayable in four installments over six weeks.

"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 tech giant told 9to5Mac website.

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In its place, Apple will introduce "installment loans" from credit cards, debit cards, and lenders for Apple Pay checkouts later this year. Initially announced with iOS 16, Apple Pay Later was not included in the initial release.

“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,” said the iPhone maker.

Early access invitations were sent to randomly selected users in March 2023, followed by a full launch in the US in October.