Apple shutters BNPL service in the US one year after launch

Apple

American tech giant Apple has decided to shut down its buy now, pay later (BNPL) service in the US, a little over a year since it was officially rolled out.

Apple Pay Later allowed users in the US to split purchases into four payments, spread over six weeks with no interest and no fees. Users could also apply for loans of $50 to $1000, to be used towards online and in-app purchases made on iPhones and iPads and with merchants that accepted Apple Pay.

The plan for Apple is to launch a new loan programme later this year, wherein users will be able to access installment loans offered through credit and debit cards and lenders at checkout.

The feature will be rolled out in Australia with ANZ; in Spain with CaixaBank; in the UK with HSBC and Monzo; and in the US with Citi, Synchrony, and issuers with Fiserv. Users in the US will also be able to apply for loans directly through BNPL company Affirm when they check out with Apple Pay, the company said in a statement.

“With the introduction of this new global instalment loan offering, we will no longer offer Apple Pay Later in the US,” the company said.

“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.”

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