Jun 18, 2024 10:54:00

Apple announces that it will end its deferred payment service 'Pay Later with Apple Pay'

On June 17, 2024 local time, Apple announced that it will end its deferred payment service '

Pay Later with Apple Pay .' Apple explained that the reason for this is 'to provide a new installment loan service starting in the second half of 2024.'

View and manage your Apple Pay Later loan information - Apple Support
https://support.apple.com/en-us/108418

Apple discontinuing Apple Pay Later, ahead of new features launching this fall - 9to5Mac

https://9to5mac.com/2024/06/17/apple-pay-later-united-states-ending/

'Pay Later with Apple Pay' is a service that allows users to pay for items ranging from $50 (approximately 7,800 yen) to $1,000 (approximately 157,000 yen) in four installments over six weeks without interest or fees. It has been available in the United States since March 28, 2023.

Apple launches deferred payment service 'Pay Later with Apple Pay' - GIGAZINE

However, on June 17, 2024, Apple announced that 'Apple Pay Pay Later will no longer offer new loans. Existing Apple Pay Pay Later loans and purchases will not be affected.' They also commented to overseas media 9to5Mac that 'this change will take effect on June 17, 2024.'

Regarding the reason for ending the 'Pay Later with Apple Pay' service, Apple said, 'Starting in late 2024, users around the world will be able to access credit and debit cards and installment loans offered by financial institutions when they make payments with Apple Pay. With the introduction of these new installment loans, we are ending Pay Later with Apple Pay in the US.'

The new installment loan service was announced at the annual developer conference, WWDC24 , in June 2024, and it became clear that users would be able to use points or make installment payments from banks or credit card companies when making online or in-app purchases on their iPhone or iPad.

With the launch of this installment loan service, the 'Pay Later with Apple Pay' service, which was previously only available in the U.S., will now be available in multiple countries around the world. Apple said, 'We remain committed to providing users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to work with banks and financial institutions that support Apple Pay to offer flexible payment methods to more users in more places around the world.'

Apple has listed financial institutions that will support its new installment loan service, including

Australia and New Zealand Banking Corporation , CaixaBank , Monzo , and Citi , but has not disclosed which financial institutions will be participating in the service in Japan or when the service will be launched.