Two years after it was announced at WWDC, Apple’s Pay Later feature is no longer only available in the US. TechCrunch has confirmed the news that was first reported by 9 to 5 mac.
Here’s the full statement provided to TechCrunch:
Starting later this year, users around the world will be able to access installment loans offered by credit and debit cards, as well as lenders, when they pay with Apple Pay. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay later in the United States
Our focus continues to be on providing our users with access to easy, secure and private payment options using Apple Pay, and this solution will enable us to offer flexible payments to more users, in more places around the world, in collaboration with Apple Pay enabled banks and lenders.
Pay Later’s life was very short, as it was officially launched in late March 2023. However, in the end, the move was not surprising. Apple announced at WWDC 2024 last week that users will be able to access loans through third-party app Affirm through Apple Pay.
“The ability to access installments from credit and debit cards using Apple Pay will roll out starting in Australia with ANZ; in Spain with CaixaBank; in the UK with HSBC and Monzo; and in the US with Citi, Synchrony and Fiserv issuers. Apple took notice last week. “US users will also be able to apply for loans directly through Affirm when paying with Apple Pay.”
He emphasized the addition of the loan feature, “This provides users with additional payment options, offering the ease, convenience and security of Apple Pay along with the features users love about Affirm – flexibility, transparency and no late or hidden fees.” The feature will arrive later this year.
Starting now, users in the US have one less option with Apple Pay. Pay Later will no longer offer new loans as of Monday, though those with existing loans through the service will still be able to repay and manage them through Apple Wallet.
The number of personal loans has increased in recent years. This number is up to 8% Since the beginning of the epidemic.