Apple has scrapped its “Pay Later” program, which allowed customers to pay for purchases in installments, and signaled it is backing away from efforts to offer more financial services in-house.
The company said on Monday it would stop offering loans for “Apple Pay Later,” which lets users pay for purchases up to $1,000 in four installments. The iPhone maker took the move after announcing it would integrate third-party services such as Affirm Holdings and Citigroup into the upcoming iOS 18 software.
“Starting later this year, users around the world will be able to use their credit and debit cards, as well as installment loans through lenders, when they make purchases with Apple Pay,” a spokesperson said in a statement. “With the launch of this new global installment loans offering, Apple Pay Later will be discontinued in the US.”
Apple last year launched its Pay Later program in the U.S. using its own platform. For the first time, Apple itself issued loans to customers through a new subsidiary, but still relied on Goldman Sachs Group Inc. and MasterCard Inc. to process the payments.
The new iOS 18 services will be available globally through the company's Apple Pay platform, and users with outstanding loans will be able to continue managing them within the Wallet app, Apple said.
“We remain committed to providing users with easy, secure and private payment options with Apple Pay, and this solution enables us to work with banks and lenders that support Apple Pay to offer flexible payments to more users in more locations around the world,” the company said.
The news was previously reported by 9to5Mac.
