#News

Date: June 18, 2024

Apple has decided to shut down its buy now pay later service in the USA, starting today. Existing loans will continue to be serviced on the app.

Apple introduced a game-changing Buy Now Pay Later service in the US in March of last year. The service quickly won over a significant user base with its attractive EMI models. However, it's with a heavy heart that we announce the discontinuation of Apple Pay Later in the US, which means complete access to the app will be removed. Existing customer loans can still be managed on the app, but no new applications will be accepted.

Apple has released an official statement to a tech news media outlet explaining the step, "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. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S. 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."

The service is not dying out. Instead, Apple will relaunch it globally with new features and more options from lending partners. The new global lending service will be facilitated by eligible credit card partners and boast exciting loan offers.

Apple has reassured existing loan users that the app will continue serving them until all consumer loans are closed. Users will still continue to manage and pay their loans through the wallet app. Apple Pay Later's USP, which attracted many users, was 0% interest EMIs and long-tenure repayment timelines. It is unclear if the new global service relaunch will include these factors, as they play an important role in attracting loan consumers. Otherwise, Apple may become another mediocre addition to the already saturated consumer loan market, making users move to other Buy Now Pay Later apps.