Apple says it ’s shutting down Apple Pay Later , the technical school giant ’s “ grease one’s palms now , pay later ” loanword table service , less than a year afterlaunching the product to United States users in October 2023 . Apple announced the move in a statement to9to5Macon Monday , saying it would put back the service with loan offerings from eligible acknowledgment and debit visiting card , as well as Affirm .
Apple told 9to5Mac that drug user with an active loanword through Apple Pay Later would still be able to manage and pay their loans using the Apple Wallet app . For the last eight month , Apple Pay Later enabled user to pay for purchases between $ 75 and $ 1,000 in four payments over six hebdomad with no involvement , fee , or wallop on course credit account . However , Apple did not provide a ground for its sudden hideaway from the party ’s first in - house banking service . Here ’s Apple ’s full statement to 9to5Mac :
take up later this year , users across the globe will be capable to access installment loans offer through deferred payment and debit cards , as well as lender , when checking out with Apple Pay . With the insertion of this unexampled global instalment loan oblation , we will no longer offer up Apple Pay Later in the U.S. Our centering continues to be on providing our users with access to easy , secure and private payment alternative with Apple Pay , and this resolution will enable us to contribute flexible payment to more substance abuser , in more places across the globe , in collaboration with Apple Pay enabled banks and lenders .
Tim Cook pitching Apple’s banking push on stage.Photo: Michael Short (Getty Images)
Apple has ventured further into banking in late class , but Apple Pay Later was the only financial service the iPhone maker truly manage itself . Apple ’s savings explanation and acknowledgment cards were offer through Goldman Sachs and Mastercard , but Apple Pay Later release loan through an in - menage foot soldier of Apple , Apple Financing LLC . It was essentially a savings bank created within Apple certify to offer these “ purchase now , ante up later on ” services , and signal how serious Apple was about its banking button .
Apple did not immediately reply to Gizmodo ’s request for comment .
Now , just eight months later , the service is inexplicably shutting down . Last week , Apple announce that U.S. users will be capable to applydirectly for loans through Affirm when they check outwith Apple Pay . It was confusing at the metre since that ’s fundamentally the same matter Apple Pay Later volunteer , but now it seems that Affirm and other services will replace Pay later on .
Apple first announced Apple Pay by and by at WWDC 2022 and was part of Apple ’s then - promising energy into fiscal services . However , Apple ’s banking unit has been a tender spotlight in the last year . Goldman Sachs ’ CEO David Solomon reportedlyfaced major internal backlashfor the partnership with Apple . Now , with the shuttering of Apple Pay Later , it seems another one of Apple ’s new banking services is on the rocks .
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