In a retreat from efforts to offer more financial services in-house, Apple is shutting down its Apple Pay Later program, which let customers make purchases on an installment plan. Apple Pay Later was only ever made available in America.
Mark Gurman for Bloomberg News:
The company said Monday that it’s no longer offering loans for Apple Pay Later, which allowed users to pay off purchases of as much as $1,000 over four installments. The iPhone maker took the step after announcing that third-party services — such as ones from Affirm Holdings Inc. and Citigroup Inc. — would be integrated into its upcoming iOS 18 software.
“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,” a spokesperson said in a statement. “With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the US.”
The new services in iOS 18 will be available globally through the company’s Apple Pay platform. And users with open loans will continue to be able to manage them within the Wallet app, Apple said.
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MacDailyNews Take: Good news for PayPal, Cash App, Affirm et al.
If you can’t pay cash, you can’t afford it. Wealthy people invest first and spend the proceeds. Broke people spend first and have nothing left to invest.
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Better to have ApplePay become a marketplace for other’s payday loan and layaway programs, than to spend precious Apple dev cycles chasing low-value offerings.
The same effort could build a new Apple Intelligence-powered experience that will sell millions of devices.
Assisting indebtedness is immoral. There’s a big difference in loaning for something that can increase wealth and productivity–vs loans to increase consumption…which this WAS.
Besides, this was lending to those with lower net-worth…harder to get out of any hole they might get themselves into.
Apple: support good culture…not measures that make it easier to put a noose around indi’s neck’s–for YOUR products, esp.
Unfortunately now they’re just handing this “service” off to 3rd parties that will be integrated into iOS18
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