Apple is reportedly discontinuing its buy now, pay later service, Apple Pay Later, just over a year after its launch.
Apple Pay Later allowed customers to split purchases ranging from $50 to $1,000 into four payments over six weeks, without interest or fees. This service, introduced in March 2023, aimed to strengthen Apple's relationship with consumers by offering financial solutions, competing with companies like Affirm and Klarna.
On Monday, Apple announced on its website that it will "no longer offer new loans" for Apple Pay Later. However, existing loans will not be affected. The company plans to provide options for customers to apply for buy now, pay later loans from other companies when using Apple Pay, its payment system.
Apple has revealed that Affirm will be one of the companies available as an option for buy now, pay later loans starting this fall. Affirm's share price closed at $30.81 on Monday, nearly doubling over the past year, though it remains significantly below its peak of over $160 in late 2021.
The decision to discontinue Apple Pay Later marks a shift in strategy for Apple, focusing instead on integrating third-party financial services like Affirm into its ecosystem. This move allows Apple to continue offering flexible payment options while leveraging partnerships to enhance user experience and drive growth in digital payments.
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