06/18/2024

Apple Ceases Buy Now, Pay Later Loans in U.S.

It has stopped issuing loans through Apple Pay Later

On Monday, Apple said that it has stopped issuing loans through Apple Pay Later, its buy-now-pay-later program that launched last year.

The move comes after Apple said it would start allowing installment loans later this year in its Apple Pay checkout process through third-party companies, such as Affirm, and credit and debit cards from issuers, such as Citigroup.

Apple said it would no longer issue Apple Pay Later loans, which enabled customers to buy products online and pay in four interest-free installments, at prices up to $1,000. The discontinuation is a sign that not every new fintech feature or product that Apple launches becomes a success or fits in with the iPhone maker's overall strategy.

Please select this link to read the complete article from CNBC.