Apple has previously introduced a BNPL (Pay Later, Use Fast) service, called Apple Pay Later. It was introduced on a limited basis in the United States, in 2023. Now, less than a year since the service was offered to the public, Apple announced that it would end the service. The support page also states that no more new loans are being offered through Apple Pay Later.
For those who are not familiar with the service, it offers services such as Shopee Pay Later, where you can purchase goods and pay in instalments in up to four instalments. Judging from this recent trend, it is expected for Apple to join the bandwagon.
Apple says it will soon offer new loan and instalment services globally, opting to end Apple Pay Later. Apple still expressed their commitment to further simplifying various payment services through Apple Pay. With Apple's move out of the BNPL arena, will we soon see various other companies take similar steps? At this point, only time will tell.
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