Apple discontinues Apple Pay Later ahead of new installment loan feature later this year

Apple has announced the discontinuation of its buy now, pay later feature, Apple Pay Later, effective immediately. Launched in October, Apple Pay Later allowed users to split purchases between $50 and $1,000 into four equal payments over six weeks without fees or interest. Despite the discontinuation, existing loans can still be managed and paid off through the Wallet app.

In a statement to 9to5Mac, Apple detailed the following: “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. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S. Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders.”

Apple advises users with active loans to continue making payments by the due date, and those with autopay enabled will have their selected debit cards charged for future payments. The company emphasizes that its focus is now on the upcoming installment loan features, which will be available in multiple countries later this year.