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Apple cancels buy-now-pay-later service, marking first strike against early consumption.

TraderKnows
TraderKnows
06-19

Last year, Apple announced a buy now, pay later service that allowed customers to make advance purchases through credit cards and loan services. Recently, Apple announced that it will cancel this service.

Apple Inc. has announced that it will cancel its "Buy Now, Pay Later" service in the United States, ending the service just over a year after its initial launch.

The California-based company introduced the "Apple Pay Later" service, allowing users to make purchases in installments without paying the full amount upfront. This initiative, first announced last March, was seen as Apple's attempt to enter the financial services sector typically dominated by Klarna and Affirm.

However, Apple now states that it will focus on providing installment loan services through third-party credit card, debit card, and loan institutions. Apple believes this change, expected to be implemented later this year, "will enable us to offer more flexible payment options to more users in more regions around the world."

Apple also stated that users of its "Buy Now, Pay Later" service can still manage and pay off outstanding loans through its wallet app.

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