Apple is discontinuing its Apple Pay Later service for making installment payments and integrating loans from Affirm instead. Apple Pay Later launched in 2022 but is being shut down only two years later as the company shifts to partnering with Affirm for installment loans. Existing Apple Pay Later payment plans can still be accessed in the Wallet app but no new loans will be accepted. Affirm loans will allow splitting payments over time with interest instead of Apple's interest-free Pay Later option.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:03Apple is discontinuing its Apple Pay Later service for making installment payments and
00:07integrating loans from Affirm instead.
00:10Apple Pay Later launched in 2022 but is being shut down only two years later as the company
00:15shifts to partnering with Affirm for installment loans.
00:19Existing Apple Pay Later payment plans can still be accessed in the Wallet app, but no
00:23new loans will be accepted.
00:25Affirm Loans will allow splitting payments over time with interest instead of Apple's
00:29interest-free Pay Later option.
00:31For all things money, visit Benzinga.com.