Apple has decided to shut down the Apple Pay Later service, which it launched at full capacity in the United States in October 2023. This service, which allows users to make payments for six weeks with four payment plans, is being terminated in a short time, contrary to expectations. Apple announced that instead of this service, users will be able to access installment loan options through credit cards, debit cards and credit providers.
New installment payment options to replace Apple Pay Later
Apple announced that later this year, users around the world will be able to access installment loans through credit and debit cards and credit providers when paying with Apple Pay. This move by Apple shows its aim to offer users wider and more flexible payment options. The company stated that with this new global installment loan service, the Apple Pay Later service will end in the United States.
According to Apple's statement, “Our focus is on providing easy, secure and private payment options to our users, and this solution will allow us to provide flexible payments to more users by collaborating with Apple Pay-enabled banks and credit providers.” This statement marks a significant change in Apple's financial services strategy.
Apple stated that existing Apple Pay Later users' existing credits and purchases will not be affected. In the support documents, it was stated that “Apple Pay Later does not offer new loans.” This alleviates the concerns of existing users to some extent.
Apple Pay Later was first announced with iOS 16, but was not included in the initial version of iOS 16. The company started offering the service on a limited basis in March 2023 by sending early access invitations to “randomly selected users.” It eventually became widely available across the US in October 2023. However, with the closure of the service, Apple decided to move forward with offering new and more comprehensive payment options to its users.
Although the reasons behind this closure are not yet clear, it is clear that Apple is in the process of transforming its financial services strategy. It is eagerly awaited to see what impact the new installment loan options will have worldwide and how they will be received by users.