Apple Discontinuing Apple Pay Later, Just 8 Months After Rolling Out in the U.S.

Apple, in a statement to 9to5Mac:

Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S. Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders.

This always seemed like a weird offering from Apple. Apple Pay Later did not charge interest, which is great, but it still seemed contrary to the spirit of helping people develop good financial habits. A no-interest loan doesn’t change the fact that in general, you should only buy things you can afford to pay for in full now.

★ Monday, 17 June 2024