Apple said it will end Apple Pay Later credit, which allows customers to buy products online and pay in four interest-free installments up to $1,000. Apple said Monday it has stopped offering credits through Apple Pay Later, the instant purchase program it launched last year.
The move comes after Apple said it will allow installment loans in the Apple Pay checkout process later this year through credit and debit cards from third-party companies such as Affirm and issuers such as Citigroup. Apple said it will end Apple Pay Later credit, which allows customers to buy products online and pay in four interest-free installments up to $1,000.
The adoption shows that not every new fintech feature or product that Apple brings to market is successful or fits into the iPhone maker’s overall strategy. “Starting later this year, users around the world will be able to access credit and debit cards, as well as installment loans offered through financial intermediaries, when they pay with Apple Pay,” an Apple spokesperson told CNBC.
“With the launch of this new global installment loan, we will no longer be offering Apple Pay Later in the US.” Apple said that users who want installment plans at checkout will be able to access them in more countries around the world through other financial intermediaries, rather than through Apple Pay Later, which was only available in the US.
