Apple is discontinuing Apple Pay Later, but a replacement is coming

Apple Pay Later isn’t any extra, however a alternative is coming.

Launched at WWDC 2022 and launched in March 2023 within the U.S., Apple Pay Later was a service permitting customers to separate funds into installments with out further charges or curiosity. The service was initially supplied to a restricted variety of prospects earlier than being expanded to all customers within the U.S. in October 2023. It was restricted to funds between $75 and $1,000.

On Monday, Apple confirmed to 9to5Mac that it has stopped providing Apple Pay Later, although current customers will nonetheless be capable of handle their remaining loans by the Pockets app.

“Beginning later this yr, customers throughout the globe will be capable of entry installment loans supplied by credit score and debit playing cards, in addition to lenders, when trying out with Apple Pay,” Apple advised 9to5Mac.

Whereas we do not know the phrases or the precise launch date for this new service, Apple did say “customers throughout the globe,” that means it must be out there globally, as a substitute of solely within the U.S.

“Our focus continues to be on offering our customers with entry to straightforward, safe and personal cost choices with Apple Pay, and this resolution will allow us to carry versatile funds to extra customers, in additional locations throughout the globe, in collaboration with Apple Pay enabled banks and lenders,” the corporate mentioned.

At this yr’s WWDC, Apple introduced a number of payments-related options, together with Faucet to Money, which permits customers to ship money to one another by holding their telephones collectively. The corporate additionally partnered with fintech firm Affirm to supply installment loans for eligible credit score and debit playing cards. These new options are coming with iOS 18, scheduled to launch within the fall alongside new iPhones.