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Apple recently announced that it would discontinue the “Apple Pay Later” feature it introduced last year. This decision comes as something of a surprise.
“Apple Pay Later” was a new feature that allowed users to split purchases into four equal installments and pay over a six-week period, with no additional interest or fees. Since its launch in October last year, it has been enthusiastically received by many customers in the US. However, Apple has now decided to discontinue this service (via 9to5mac).
Reasons for discontinuing “Apple Pay Later”
Apple has not officially given detailed reasons for discontinuing Apple Pay Later, but it is speculated that the decision is related to the termination of the partnership with Goldman Sachs, the financial institution that managed the Apple Card and Apple Pay Later. This strategic change may be aimed at developing more flexible and globally deployable payment methods that can be adopted by a wider user base.
What does this mean for current users?
However, anyone who currently uses Apple Pay Later doesn't need to worry. Existing loans can still be managed and paid off via the Wallet app. Starting this fall, the option to apply for new Apple Pay Later loans will disappear. Instead, Apple plans to offer alternative installment loan options that can be accessed via stored credit and debit cards.
future of Apple Pay
With the launch of iOS 18, Apple will introduce new features that will allow installment loans to be used directly through the bank when using Apple Pay. This innovation aims to increase the flexibility and ease of use of Apple Pay by making it available worldwide and working in partnership with Apple Pay-enabled banks and lenders. Additionally, Apple Pay will also offer the ability to view rewards or points balances in Wallet and redeem them when making purchases. This feature will make it easier for users to get the most out of rewards programs while paying securely and privately.
New perspectives after the end of Apple Pay Later
The discontinuation of Apple Pay Later marks the end of a short but significant era for Apple Pay users in the US. Nevertheless, Apple remains committed to offering flexible and secure payment options that meet users' needs. With new installment loan options and the integration of rewards programs, Apple Pay will continue to play a leading role in the digital payments space. Stay tuned for the upcoming updates and take advantage of the new opportunities Apple will offer you to make your purchases even more convenient. (Image: Apple)
