Apple Pay Later, a service introduced at WWDC 2022 and launched in March 2023, allowed users to split payments into installments without any additional fees or interest. Initially, the service was only available to a limited number of customers but was later expanded to all users in the U.S. in October 2023. The service had a payment limit ranging from $75 to $1,000.
However, Apple has recently confirmed that they have stopped offering Apple Pay Later. Despite this, existing users will still be able to manage their remaining loans through the Wallet app. This news has left many users wondering what will replace Apple Pay Later.
Fortunately, Apple has revealed that they will introduce a new service later this year. According to Apple’s statement to 9to5Mac, “Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders when checking out with Apple Pay.” Although the exact launch date and terms of this new service are yet to be disclosed, the announcement of “users across the globe” indicates that it will be available internationally and not limited to the U.S.
Apple emphasized their commitment to providing users with easy, secure, and private payment options with Apple Pay. This new solution aims to bring flexible payments to more users in collaboration with Apple Pay enabled banks and lenders worldwide. This expansion aligns with Apple’s mission to make convenient and secure payment options accessible to a larger audience.
During this year’s WWDC, Apple also unveiled other payments-related features. One of them is Tap to Cash, which allows users to send cash to each other by simply holding their phones together. This feature aims to enhance the convenience and speed of peer-to-peer transactions. Additionally, Apple partnered with fintech company Affirm to offer installment loans for eligible credit and debit cards. These new features will be available with the release of iOS 18, which is scheduled to launch in the fall alongside new iPhones.
With the introduction of the new installment loan service and other payment features, Apple is further solidifying its position as a key player in the digital payment industry. By expanding its services globally and collaborating with banks and lenders, Apple aims to provide users with more flexible and convenient payment options. As the world becomes increasingly interconnected, Apple is adapting to meet the needs of users worldwide, ensuring that Apple Pay remains a leading choice for secure and hassle-free transactions.
