As of today, Apple has terminated the Apple Pay Later service, which it launched last year. The service allowed users to borrow between $50 and $1,000 and pay it back interest-free in four equal installments over six weeks.
Apple Pay Later new installment payment system will be available by the end of the year
Apple announced that it is working on a new installment payment system and that this system will be available by the end of the year. In its statement, the company shared details about the new installment payment system that will replace Apple Pay Later.
The new system will allow Apple Pay users to make installment payments via credit and debit cards. Additionally, this service will be available in many countries around the world.
Apple also announced the countries where the new installment payment system will be available. Towards the end of this year, this service will be available through major banks such as ANZ in Australia, CaixaBank in Spain, HSBC and Monzo in the UK, and Citi and Synchrony in the US. Additionally, US users will be able to apply for credit directly through Affirm when paying with Apple Pay.
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The new system will offer users more flexibility and options in online and in-app purchases. Users will be able to view and redeem rewards and see installment payment offers from eligible credit or debit cards. These features will be integrated by banks and lending institutions that support Apple Pay and will be offered in supported markets.
It’s only been 447 days since the launch of Apple Pay Later. But it took just eight months for the service to be shut down, from the time it was fully launched last October. Apple decided to make this change because the new installment payment system appeals to a wider user base and is available in more countries.