Apple Pay Later Terminated and What It Means for Users

Apple Pay Later has been terminated, and for users, this means they can no longer use the service to split purchases into four interest-free payments.

This change affects anyone who had been using Apple Pay Later, including those who had already made purchases using the service.

Apple Pay Later was introduced as a convenient way for users to make purchases without having to pay the full amount upfront.

The termination of Apple Pay Later doesn't necessarily mean users will lose access to other payment options through Apple.

Apple Pay Later is no more, a service that allowed users to split payments into installments without additional fees or interest.

Introduced at WWDC 2022 and launched in March 2023, Apple Pay Later was initially offered to a limited number of customers before being expanded to all users in the U.S. in October 2023.

The service was limited to payments between $75 and $1,000, and existing users will still be able to manage their remaining loans through the Wallet app.

Apple has stopped offering Apple Pay Later, though existing users will still be able to manage their remaining loans through the Wallet app.

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.

Apple has discontinued any new Apple Pay Later loans, but customers who have existing Apple Pay Later loans will be able to manage them inside Apple Pay.

The company plans to rely on larger companies like Affirm and Klarna, which already dominate the industry, to offer buy now, pay later services.

Apple will begin allowing installment payments via third-party app Affirm and credit and debit cards later this year.

Users who have obtained loans through Apple Pay Later will continue to be able to use these features, but no new loans will be offered.

In the US, users of Citi and Synchrony and lenders using the software provider Fiserv will also be able to use Apple's installment loan service in the future.

In the UK, the installment loan feature will first be launched in partnership with HSBC and Monzo Bank.

In Australia and Spain, Apple will provide installment loan services through ANZ and CaixaBank, respectively.

Discover more: How to Use Apple Pay in a Shop

Apple has terminated its Buy Now, Pay Later service, a move that comes just over a year after its initial launch in the US.

The service, known as Apple Pay Later, allowed users to split purchases into four equal payments with no fees or interest, but it was only available where Apple Pay was accepted.

Existing users will still be able to manage their remaining loans through the Wallet app.

Apple plans to replace Apple Pay Later with a new global installment loan offering, which will allow users to access installment loans through credit and debit cards, as well as lenders, when checking out with Apple Pay.

This new service is expected to be available globally, not just in the US.

Apple has partnered with fintech company Affirm to offer installment loans for eligible credit and debit cards, and Affirm will be integrated directly into Apple Wallet.

Users will also be able to apply for "buy now, pay later" services from other companies, such as Affirm, when checking out using Apple Pay.

Discover more: Apple Discontinues Buy Now Pay Later

In the US, users of Citi and Synchrony, and lenders using the software provider Fiserv, will be able to use Apple's installment loan service in the future.

In the UK, the installment loan feature will first be launched in partnership with HSBC and Monzo Bank.

In Australia and Spain, Apple will provide installment loan services through ANZ and CaixaBank, respectively.

Apple's decision to terminate Apple Pay Later is an acknowledgement that building a financial services business from scratch is difficult and highly competitive.