Apple is ending its in-house buy now, pay later scheme in the US, shifting to third-party credit and debit card lenders. Existing borrowers can still manage payments using Apple Wallet. The move signals a retreat from providing direct financial services.
Apple's Pay Later allowed US users to split up purchases up to $1,000 over six weeks interest-free. This marked a move for Apple into offering loans directly, bypassing traditional lenders.
As interest rates rise, Apple shifted to partner with banks like Citi, HSBC, and ANZ for instalment payments in upcoming iOS 18. The move reflects changing market conditions and consumer preferences.
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