Apple terminates "Buy Now, Pay Later" service after partnering with Affirm
Apple announced on Monday that it will terminate the "Buy Now, Pay Later" service launched in the United States, allowing installment payments through third-party applications like Affirm, as well as credit cards and debit cards. Additionally, Apple plans to collaborate with companies like Affirm to offer users other companies' "Buy Now, Pay Later" services. Furthermore, in the UK, Australia, and Spain, Apple will partner with banks such as HSBC, Monzo, ANZ, and CaixaBank to introduce installment payment loan services
According to the information from Zhitong Finance and Economics APP, after launching the "Buy Now, Pay Later" (BNPL) service in the United States for over a year, Apple (AAPL.US) suddenly announced on Monday that it will terminate this service. The global tech giant stated that it will start allowing installment payments through third-party apps like Affirm (AFRM.US), as well as credit and debit cards later this year.
Apple stated on its official website: "With the introduction of this new global installment loan service, we will no longer offer Apple Pay Later in the United States. Users who obtained loans through Apple Pay Later will be able to continue using these features, but new loans will not be provided."
It is worth noting that while Apple is discontinuing its own "Buy Now, Pay Later" service, the company also announced on Monday its plans to provide a way for people to apply for other companies' "Buy Now, Pay Later" services when checking out using Apple's payment system, Apple Pay—former rival Affirm being one of the upcoming partners.
Furthermore, at last week's annual developer conference, Apple also mentioned that in the United States, users of Citigroup and Synchrony, as well as lenders using software provider Fiserv, will also be able to use Apple's installment loan service in the future. In the UK, the installment loan feature will first be launched in partnership with HSBC and Monzo banks. In Australia and Spain, Apple will respectively offer installment loan services through ANZ Bank and CaixaBank