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Apple is ending its fee-free, interest-free buy now, pay later program less than a year after it became generally available.
In a statement on Tuesday 9to5Mac And Monday’s statement CNBCApple has announced that it has discontinued Apple Pay Later, a U.S.-only program that allowed users to apply for loans of between $50 and $1,000 directly through the Wallet app on their iPhone.
The program, which became widely available in the U.S. in October, gave borrowers the option to repay their loans in four installments over six weeks, without fees or interest.
According to Apple, Apple Pay Later will no longer be available starting this week.
Related: Buy now, pay later becomes increasingly popular among high-income earners
Instead, a new personal finance option will be available later this year: installment loans offered through lenders, credit cards and debit cards.
“Access to credit and debit card installment payments with Apple Pay will be rolling out to the following issuers in Australia: ANZ, in Spain: CaixaBank, in the UK: HSBC and Monzo, and in the US: Citi, Synchrony and Fiserv,” Apple announced. update last week.
Apple added that US users will also have the option to apply for a loan through third-party company Affirm when they check out with Apple Pay.
Related: Buy now, pay later? Get your credit card protection now
More than half of U.S. consumers recognize I will state it by name. The Apple Pay Later logo appears on a MacBook and iPhone screen. Photo by Jakub Porzycki/NurPhoto via Getty Images
Apple executives initially pitched Apple Pay Later as a useful personal finance tool.
The appeal is the flexible payments, plus applying for an Apple Pay Later loan didn’t impact my credit score.
“Apple Pay Later is designed with our users’ financial well-being in mind,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. stated March 2023.
Those who still have an Apple Pay Later loan can pay it off through the Apple Wallet app.
Apple Pay Later Loan was Backed by Apple and enabled through the Mastercard Installment Program.
Related: Apple launches Apple Card Savings Account in partnership with Goldman Sachs