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Apple cancels pay later loan scheme

Apple cancels pay later loan scheme

Apple cancels pay later loan scheme

Apple cancels pay later loan scheme

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  • Apple ends in-house buy now, pay later scheme in the US.
  • Customers will now use third-party credit and debit card lenders.
  • Existing borrowers can continue using Apple’s Wallet app.
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Apple is ending its in-house buy now, pay later scheme in the US, which it launched just last year. The technology giant says it will now offer customers payment plans through third-party credit and debit card lenders.

Existing borrowers will be able to continue managing payments using Apple’s Wallet app. The decision marks a retreat for Apple from plans to offer traditional financial services.

Apple Pay Later allowed users in the US to break up the cost of purchases worth up to $1,000 (£788) into four installments over six weeks without having to pay interest or fees.

The scheme represented a move by Apple into providing financial services, effectively offering customers loans instead of relying on banks and other traditional lenders.

The company utilized a new subsidiary, Apple Financing, to issue the loans.

This move coincided with a period of near-zero US interest rates, which made borrowing more attractive.

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However, as central banks raised rates to address rising prices, such plans became less appealing.

During its annual developer event last week, Apple announced partnerships with banks, including Citi in the US, HSBC in the UK, and ANZ in Australia, to offer installment payment options.

Apple will integrate these new payment options into its upcoming iOS 18 operating system, scheduled for release later this year.

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