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 will 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 users can purchase goods and pay in installments in up to four installments.
Apple says it will soon offer new loan and installment services globally, opting to end Apple Pay Later. Apple still expressed their commitment in 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?
