Apple Kills Off Its 'Buy Now, Pay Later' Service

Apple has discontinued its 'Buy Now, Pay Later' service, Apple Pay Later, just over a year after its launch. This decision comes amidst a broader market trend of declining interest in BNPL services. Apple Pay Later allowed users to split purchases into four interest-free installments, but it appears to have failed to gain significant traction. This move follows a similar decision by PayPal, which recently announced the closure of its BNPL offering, Pay in 4, citing a shift in consumer preferences. While Apple has not publicly stated the reason for discontinuing the service, the company is reportedly still exploring other financial products, suggesting they might revisit the BNPL space in the future. Apple Pay Later will remain available for existing users until June 30th, 2024, after which they will be automatically enrolled in a monthly repayment program. Apple's decision to abandon its BNPL service highlights the increasing competition and challenges in the financial technology sector, particularly in the rapidly evolving space of consumer credit.

Summary

"Apple's decision to discontinue Apple Pay Later highlights the dynamic nature of the financial technology market, with BNPL services facing increasing competition and shifting consumer preferences. While Apple may re-enter this space in the future, the company's focus remains on exploring other financial products and solutions."

Updated at: 06.20.2024

Apple Pay Later

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Apple kills off its buy now, pay later service service barely a year after launch

Apple is discontinuing its buy now, pay later service known as Apple Pay Later barely a year after its initial launch in the U.S., and will rely on companies who already dominate the industry like Affirm and Klarna