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Apple discontinues Apple Pay Later, partners with banks to provide instalment payment services

Apple has announced the discontinuation of the instalment payment feature “Apple Pay Later” that was just launched last October. However, users of existing “Apple Pay Later” loans can still repay and manage their loans through the “Wallet” app.

In a statement provided to 9to5Mac, Apple said it would discontinue the feature but would allow users to enjoy instalment payments with credit and debit cards through an upcoming Apple Pay update this fall.

“With the launch of this new global instalment loan service, we will no longer offer ‘Apple Pay Later’ in the United States,” the statement said.

“We have always been committed to providing users with convenient, secure and private payment options through Apple Pay, and this new solution will enable us to work with partner banks and lenders to provide more flexible payment methods to more users in more places around the world.”

That is to say, Apple will cooperate with existing partner banks and lending institutions to launch a new global instalment loan service this fall to replace the “Apple Pay Later” function.

At that time, when users use Apple Pay to pay, they will be able to enjoy the instalment payment service directly through their credit cards, debit cards or other lending institutions.

According to IT Home, the “Apple Pay Later” service was officially launched in the United States in October last year but before that, the service has been in the testing phase since March 2023. Users can use the “Wallet” app to divide the purchase amount using Apple Pay into four instalments and pay it off within six weeks without interest or fees. This service is only applicable to Apple Pay payments on iOS devices, and the price of goods is limited to between US$75 and US$1,000. Each purchase requires a separate loan application and approval.


Apple did not disclose the reason for discontinuing Apple Pay Later, but it is ending its partnership with Goldman Sachs, which handles the Apple Card, Apple savings accounts, and Apple Pay Later. With the end of Apple Pay Later, Apple no longer needs to find a future partner for the feature.

The upcoming iOS 18 system will allow users to enjoy instalment loan services directly through partner banks when using Apple Pay.

In addition, Apple Pay will also add the ability to view the rewards or points balance in the Wallet App and allow users to use these points directly for deductions when shopping.

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James Ovie
James Ovie
James Ovie is a tech Blogger with vast experience in mobile devices and other gadgets.

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