Apple is discontinuing its buy now, pay later service known as Apple Pay Later barely a year after its initial launch in the U.S., and will rely on companies who already dominate the industry like Affirm and Klarna.
These must-have Insider Deal household items are at unbeatable prices!FILE - An Apple logo adorns the facade of the downtown Brooklyn Apple store on March 14, 2020, in New York. Apple is discontinuing its buy now, pay later service known as Apple Pay Later, barely a year of it being broadly available in the U.S., and instead plans to rely on the larger companies who already dominate the industry like Affirm and Klarna. barely a year after its initial launch in the U.S.
“With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.,” Apple said late Monday. “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.
Apple Pay Later was unique because Apple needed to create its own bank to offer the loans. The Apple Card is issued by Goldman Sachs, which means Goldman ultimately decides who gets approved and what spending limits are for each customer.
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