Reported 8 months ago
Apple announced the termination of its 'Buy Now, Pay Later' service, Apple Pay Later, in the US after only a year of launch, opting to offer installment and loan services instead. The move signifies a setback for the iPhone maker in its foray into traditional financial services. Apple will now partner with third-party credit and financial firms to provide user loan installment services, with existing Apple Pay Later users allowed to continue using the service but no new applications being accepted. The decision comes amidst rising interest rates affecting the consumer lending market, impacting companies like Affirm, whose valuation plummeted from $45 billion in 2021 to $9.5 billion. Apple plans to collaborate with various financial institutions for installment services, including Citibank in the US and HSBC in the UK.
Source: YAHOO