Apple ends its ‘Buy Now, Pay Later’ Service
Apple has announced that it would be ending Apple Pay Later; its own ‘buy now and pay later’ loan that users can use to spread their purchase into four payments over six weeks. The news comes as a bit of a surprise as the service isn’t even a year old, having officially launched back in October 2023 for US customers.
The service was initially billed as a secure and seamless way for users to split the cost of an Apple Pay purchase in easy installments. There’s no hidden fees and 0% interest plus, users can easily track their progress via Apple Wallet. This is typically seen as a very convenient way for users to buy their gadgets (like say, the M3 Macbook Air) and so its closure does come as a bit of a shock to some.
Something new with iOS 18
Nonetheless, Apple did say that it’s not cutting support for installment plans entirely. Rather, the company has confirmed that it’s planning to launch a feature within the upcoming iOS 18 update. And unlike Apple Pay Later, this functionality is planned to be rolled out to more countries, rather than being restricted to just the US.
“Our focus continues to be on providing users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders.” says Apple in a statement sent to 9to5Mac.
Aside from that statement though, there’s no additional news about what this service could look like and when it’s launching the service. Speculations point towards a September 2024 release date, during the official launch of iOS 18 (and possibly, the latest iPhone 16 series).
What about existing customers?
In case you’re in the US and have just recently bought a new iPhone 15 Pro or something with Apple Pay Later then, there’s no need to panic. Apple has confirmed that anyone with existing Pay Later loans won’t be affected by the change though they’ve already stopped accepting new customers trying to use the service.
And in case you’re here in the Philippines and can’t wait until Apple rolls out this supposed globally accessible alternative, you can try out our own ‘buy now and pay later’ plan with our partners over at BillEase! Learn more about it here!
For gadgets and electronics, get it at Kimstore!
