Apple Inc. has announced the discontinuation of its Pay Later program, which allowed customers to make purchases on an installment plan. This news comes after the company revealed plans to integrate third-party services like those from Affirm Holdings Inc. and Citigroup Inc. into the upcoming iOS 18 software. In place of Apple Pay Later, users around the world will soon have access to installment loans offered through credit and debit cards, as well as lenders, when using Apple Pay.
According to a spokesperson, this new global installment loan offering will replace the Pay Later program in the US. The Pay Later program was launched by Apple in the U.S. last year using its own platform, with the company issuing loans itself through a subsidiary. However, Apple partnered with Goldman Sachs Group Inc. and MasterCard Inc. to help manage the loan process. Moving forward, the new services in iOS 18 will be available worldwide through Apple’s Apple Pay platform. Users with existing loans will still be able to manage them within the Wallet app.
Apple’s main focus remains on providing users with secure and private payment options through Apple Pay. The company plans to bring flexible payments to more users globally by collaborating with Apple Pay-enabled banks and lenders
