Apple Changing Its Pay Later Option With New "Installment Loans"

Apple Changing Its , Pay Later Option , With New "Installment Loans".<br />'The Independent' reports that Apple has announced <br />the end of its Apple Pay Later service, just months <br />after introducing the buy now pay later plan. .<br />In March of 2023, the Apple Pay Later <br />service launched for select users, <br />enabling them to take "pay later" loans. .<br />In October, the service saw a wide roll out in <br />the United States, giving users an option to make <br />four installment payments over a six week period.<br />Apple said it will introduce a new service that allows <br />users to apply for "installment loans" directly from <br />credit cards and other lenders at check out. .<br />Starting later this year, users <br />across the globe will be able to <br />access installment loans offered <br />through credit and debit cards, <br />as well as lenders, when <br />checking out with Apple Pay, Apple statement, via 9to5Mac.<br />The ability to access <br />installments from credit <br />and debit cards with <br />Apple Pay will roll out <br />starting in Australia <br />with ANZ, .., Apple statement, via 9to5Mac.<br />... in Spain with CaixaBank, <br />in the UK with HSBC <br />and Monzo; and in the <br />US with Citi, Synchrony, <br />and issuers with Fiserv, Apple statement, via 9to5Mac.<br />According to Apple, the new service is meant to , "enable us to bring flexible payments to more users,<br />in more places across the globe, in collaboration <br />with Apple Pay enabled banks and lenders.”.<br />With the introduction of this <br />new global installment loan <br />offering, we will no longer <br />offer Apple Pay Later in the U.S, Apple statement, via 9to5Mac.<br />On the company's support page, Apple says <br />the decision will not impact existing loans or <br />purchases made through the Apple Pay Later service