Apple has confirmed that it’s shutting down the Apple Pay Later service, which allowed customers to take out loans and break up purchases into 4 instalments with out paying curiosity or charges. Apple additionally confirmed that customers with present Pay Later loans will be capable to observe them inside the Pockets app, however no new loans might be issued.
Notably, Apple had first introduced the launch of this new service with the iOS 16 replace in 2022, and the corporate started rolling out the characteristic by way of ‘early entry’ from March final yr. Nevertheless, the characteristic was not formally launched and made a part of the Pockets app till October 2023.
Launched in partnership with Mastercard and Goldman Sachs, the Pay Later service was the primary occasion of Apple providing short-term loans by itself. Nevertheless, because the service involves an finish, Apple will change to a built-in instalment mortgage characteristic, which might be added with the iOS 18 replace.
In the course of the lately concluded WWDC 2024 occasion, Apple had mentioned that the instalment mortgage characteristic would first be rolled out to customers within the UK, with assist for HSBC and Monzo banks.
In a press release to 9to5Mac, Apple confirmed the information that it’s shutting down the Pay Later service. The corporate mentioned, “Beginning later this yr, customers throughout the globe will be capable to entry installment loans supplied by way of credit score and debit playing cards, in addition to lenders, when testing with Apple Pay. With the introduction of this new international installment mortgage providing, we are going to now not provide Apple Pay Later within the U.S.”
“Our focus continues to be on offering our customers with entry to straightforward, safe and personal cost choices with Apple Pay, and this resolution will allow us to convey versatile funds to extra customers, in additional locations throughout the globe, in collaboration with Apple Pay enabled banks and lenders.” the Cupertino based mostly tech large added
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Revealed: 18 Jun 2024, 08:07 AM IST
