Apple is canceling its Pay Later service


The company will instead allow users to access installments from credit and debit cards and third-party companies via Apple Pay.

Just a year after announcing Apple Pay Later, a buy-now-pay-later feature that offers loans with no interest, Apple has decided to cancel it. The company confirmed the news to several news outlets.

“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 US,” the company said to 9to5mac.

According to Apple, users with active loans will still be able to manage and pay them using the Apple Wallet app.

Apple introduced Pay Later last March, offering a loan with no interest from $50 to $1000. Users could pay in stores that accept Apple Pay and divide the sum into four payments.

After discontinuing the service, Apple will focus on the Apple Pay features it introduced last week at its Worldwide Developers Conference.

Users will be able to access installment loan offerings from eligible credit or debit cards and third-party companies. In the US, these include Citi, Synchrony, and issuers with Fiserv.

US users will also be able to apply for loans directly through Affirm when they check out with Apple Pay, Apple said.

New Apple Pay features will also be rolled out in Australia, Spain, and the UK.