Apple is discontinuing Apple Pay Later, however a alternative is coming

Apple Pay Later is now not obtainable, however a alternative is within the works.

Unveiled at WWDC 2022 and launched within the US in March 2023, Apple Pay Later was a service that allowed customers to separate funds into installments with out extra charges or curiosity. The service was initially provided to a restricted variety of prospects earlier than increasing to all customers within the US in October 2023. It was restricted to funds between $75 and $1,000.

On Monday, Apple confirmed 9to5Mac that Apple Pay Later will now not be provided, however current customers will nonetheless have the ability to handle their remaining credit score via the Pockets app.

“Beginning later this yr, customers world wide will have the ability to entry installment loans provided via credit score and debit playing cards and lenders when paying with Apple Pay,” Apple instructed 9to5Mac.

Though we do not know the phrases or actual launch date for this new service, Apple talked about “customers world wide,” that means it must be obtainable worldwide and never simply within the US.

“Our focus stays on offering our customers with entry to easy, safe and personal cost choices with Apple Pay. This resolution will allow us to supply versatile funds to extra customers in additional locations world wide in partnership with Apple Pay-enabled banks and lenders,” the corporate mentioned.

At this yr’s WWDC, Apple introduced a number of payments-related options, together with Faucet to Money, which lets customers ship money to one another by holding their telephones collectively. The corporate additionally partnered with fintech firm Affirm to supply installment loans for eligible credit score and debit playing cards. These new options are coming with iOS 18, which is ready to launch alongside new iPhones this fall.