Apple has announced that it is ending its year-old Apple Pay Later buy now, pay later service, with the company saying it is working on new features that will be available to users globally to apply for loans through third-parties.
Apple Pay Later, which has been available only in the U.S. since its launch last year, works similarly to other buy now, pay later services such as PayPal that let users spread the cost of purchases over a set period.
Users are able to track, manage, and repay their Apple Pay Later loans in one location in Apple Wallet. Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.
In a statement to 9to5Mac, Apple said “Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S. Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders.”