Apple ends its purchase now, pay later service

BofA securities senior IT {hardware} analyst Wamsi Mohan says buyers should purchase Apple on The Claman Countdown.

Apple Inc. pulled the plug on its purchase now, pay later service, Apple Pay Later, this week, saying installment mortgage choices from different suppliers will likely be out there on its Apple Pay platform within the close to future.

“Beginning later this 12 months, customers throughout the globe will have the ability to entry installment loans supplied by way of credit score and debit playing cards, in addition to lenders, when trying out with Apple Pay,” the iPhone maker mentioned in an announcement to 9to5Mac on Monday.

Apple Inc. signage on the firm’s Fifth Avenue retailer in New York, on Might 15, 2024. Apple scrapped its purchase now, pay later choice this week. (Photographer: Michael Nagle/Bloomberg by way of Getty Pictures / Getty Pictures)

Ticker	Safety	Final	Change	Change %
AAPL	APPLE INC.	216.67	+4.18	+1.97%

“With the introduction of this new world installment mortgage providing, we’ll now not provide Apple Pay Later in the U.S.,” the assertion continued.

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“Our focus continues to be on offering our customers with entry to simple, safe and personal fee choices with Apple Pay, and this answer 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.”

Apple launches Apple Pay Later within the U.S. (Apple / Fox Information)

Apple additionally confirmed to the outlet that customers with present Apple Pay Later loans are nonetheless in a position to handle and pay their loans by way of the Apple Pockets app.

The corporate didn’t instantly reply to FOX Business‘ request for touch upon its choice to finish the service.

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Apple first introduced the launch of Apple Pay Later in March 2023, and rolled it out throughout the U.S. in October, giving prospects the power to separate purchases into 4 separate interest-free funds.

The choice was seen as a competitor to different purchase now, pay later lenders, together with Klarna and Block-owned Afterpay, which have dominated the area.