Apple ends its buy now, pay later service after partnering with Affirm

Apple (NASDAQ:AAPL) is discontinuing its buy-now-pay-later service that launched within the U.S. in March 2023, as it can start permitting installment loans by third-party app Affirm (NASDAQ:AFRM) in addition to credit score and debit playing cards later this 12 months.

“Beginning later this 12 months, customers throughout the globe will have the ability to entry installment loans supplied by credit score and debit playing cards, in addition to lenders, when trying out with Apple Pay,” an Apple (AAPL) spokesperson informed 9to5Mac. “With the introduction of this new international installment mortgage providing, we are going to not supply Apple Pay Later within the U.S.”

By means of Apple Pay Later, prospects may purchase merchandise on-line for as much as $1,000 and pay in 4 installments with no curiosity.

Now, Apple (AAPL) will deal with new fee choices introduced final week at its annual builders’ convention.

“Customers can entry installment mortgage choices from eligible credit score or debit playing cards, when making a purchase order on-line or in-app with iPhone and iPad,” the tech large had introduced.

“The flexibility to entry installments from credit score and debit playing cards with Apple Pay will roll out beginning in Australia with ANZ (OTCPK:ANZGY) (OTCPK:ANZGF); in Spain with CaixaBank (OTCPK:CAIXY) (OTCPK:CIXPF); within the U.Okay. with HSBC (HSBC) and Monzo; and within the U.S. with Citi (C), Synchrony (SYF), and issuers with Fiserv (FI). Customers within the U.S. can even have the ability to apply for loans straight by Affirm (AFRM) once they take a look at with Apple Pay.”