Apple stops offering buy now, pay later loans in U.S.
Posted: Jun 18, 2024
- Apple has stopped offering loans through its Apple Pay Later program - Apple will start offering installment loans through third-party companies and credit/debit card issuers - Apple Pay Later allowed customers to pay in four interest-free installments up to $1,000 - The discontinuation of Apple Pay Later suggests not every fintech feature fits Apple's strategy - Apple is introducing global installment loan offering later in the year, no longer offering Apple Pay Later in the U.S. - Users can access installment plans through other financial intermediaries globally with Apple Pay - Apple's priority with Apple Pay is to enable secure and private payments - Users with open loans can still manage and pay them through Apple Pay Later features - Apple Pay Later involved Apple making credit checks and loan decisions, unlike Apple Card - Apple's loans were issued by a wholly-owned subsidiary. - Apple has stopped offering loans through Apple Pay Later in the U.S. - Users will soon have access to installment loans offered through credit and debit cards when checking out with Apple Pay - Apple Pay Later allowed customers to buy products online and pay in four interest-free installments, up to $1,000 - Apple is discontinuing Apple Pay Later in the U.S. as a new global installment loan offering will be available - Users with open loans will still have access to Apple Pay Later features to manage and pay their loans - Apple's priority with Apple Pay is to enable secure and private payments
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