Jun 18, 2024

Apple scraps its Pay Later loan scheme in US

Apple is ending its in-house buy now, pay later scheme in the US, which it launched just last year. The decision marks a retreat for Apple from plans to offer traditional financial services. Apple Pay Later users in the US could break up the cost of their purchases into four instalments over six weeks without having to pay interest or fees. The scheme represented a move into providing financial services, with Apple effectively offering customers loans, instead of resorting to banks and other traditional lenders. During its annual developer event last week, Apple announced that it would be partnering with banks , including Citi in the US, HSBC in the UK and ANZ in Australia, to offer instalment payment options.

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