Why Apple killed Apple Pay Later
Apple Pay Later allowed users to split the cost of an Apple Pay purchase into four equal payments spread over six weeks.
In a retreat from efforts to offer more financial services in-house, Apple is shutting down its Apple Pay Later program, which let customers make purchases on an installment plan. Apple Pay Later was only ever made available in America.
Apple plans to offer a way for people to apply for buy now, pay later loans from other companies when they check out with Apple Pay, the company’s payment system. Affirm Holdings stock rose earlier this month when Apple said its products are expected to be available to Apple Pay users in the U.S. later this year.
Citigroup and Synchrony Financial will also be a part of the rollout, Apple said.
Apple’s focus now looks to be more on integrating artificial-intelligence onto its devices than further expansion into the world of financial services. Its recent AI announcements at its Worldwide Developers Conference (WWDC) have been a boon for the stock, which is up 13% in the past month, as analysts back the technology to boost iPhone sales.
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MacDailyNews Take: Apple killed Apple Pay Later to assuage the EU red tape excretion machine.
See also: Apple to conclude ‘tap-and-go’ NFC payments probe with EU – June 18, 2024
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