Apple has scrapped its “purchase now, pay later” service, Apple Pay Later, which it launched within the US solely final 12 months, marking a retreat within the iPhone maker’s ambitions to turn into a serious supplier of conventional monetary providers.
The tech big says it’s pivoting to a brand new instalment loans service supplied by third-party credit score and debit playing cards.
“With the introduction of this new world instalment mortgage providing, we are going to not supply Apple Pay Later within the US,” Apple mentioned on Monday. Customers with open loans by Apple Pay Later will proceed to have entry to options, however no new loans are being supplied.
Apple introduced its BNPL providing in mid-2022 and launched the service final 12 months in what represented a serious incursion into conventional banking providers, with the corporate making quick loans by itself reasonably than partnering with a financial institution.
