The buy now pay later feature Apple Pay Later will be shutting down soon.
Apple Pay Later recently launched in October of 2023, but it seems that it did not meet Apple’s expectations and will be discontinued. Users who have existing balances in the platform will still have to pay it off through the Wallet app. In a statement, Apple said that the feature will be ended, and noted that customers can still get to the installment loans via debit and credit cards in line with Apple Pay changes in the fall season.
The Cupertino-based company did not say the exact reason for the service shutting down, but the plan to discontinue partnership with financial institution Goldman Sachs could be one of the elements. Goldman Sachs currently handles Apple Pay Later, Apple Savings, and Apple Card. The ability to see installment financing options from user’s banks will be replacing the service.
