Apple is discontinuing its in-house buy now, pay later program in the US, launched just last year, and will instead offer payment plans through third-party credit and debit card lenders.
Existing borrowers can still manage payments using Apple’s Wallet app.
This move signifies a shift for Apple away from providing traditional financial services. The now-defunct Apple Pay Later scheme allowed US users to split purchases of up to $1,000 into four instalments over six weeks without interest or fees, effectively offering loans to customers.
The company used its subsidiary, Apple Financing, to issue these loans. However, with rising interest rates, the appeal of such plans diminished. During its recent developer event, Apple announced partnerships with banks like Citi in the US, HSBC in the UK, and ANZ in Australia to offer instalment payment options.
These new payment options will be integrated into the upcoming iOS 18 operating system, expected to launch later this year.
