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Tom’s Guide
Tom’s Guide
Technology
Scott Younker

Apple’s ‘Buy Now, Pay Later’ service gets shut down today — what you need to know

Apple pay later screenshots on blue background.

After less than a year of full access to Apple Pay Later, the Cupertino-company is shutting down the installment pay service starting today. 

Part of the shutdown is to focus on features coming to Apple Pay this coming fall, as reported by 9to5Mac

Apple told 9to5Mac that: "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."

Apparently, any ongoing active loans will be manageable via the Apple Wallet app, but you will not be able to start any new plans.

Apple announced Apple Pay Later back in August of 2022 as a new feature in iOS 16. At the time it was a clear answer to services like Klarna and Affirm which offer their own versions of Buy Now, Pay Later by breaking payments into smaller chunks over a set period of time. It was meant to arrive in September but only saw limited testing among Apple employees. 

The service was only in "early access" through the spring of last year. Even then, when it was announced, Apple Pay Later was only slated for US customers before it finally became a reality in October of last year. 

Apple Pay Later could be used at any website that accepted Apple Pay. The loans themselves could range from $50 to $1000 and split the purchase over four equal payments across six weeks with no fees or interest.

Killing Apple Pay Later appears to be part of a wider, global rollout of new Apple Pay features that are supposed to come out in the fall. US users will get a version of Apple Pay Later with former rival, Affirm being integrated into the system. 

In an announcement, Apple said of the new features, "Apple Pay introduces even more flexibility and choice for users when they check out online and in-app. Users can view and redeem rewards, and access installment loan offerings from eligible credit or debit cards, when making a purchase online or in-app with iPhone and iPad."

Any loans that were made via Apple Pay Later were backed by Apple itself. It's not clear from either announcement if teaming up with Affirm means that the responsibility is being shifted over to them or not.

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