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NEW YORK (AP) — Apple is discontinuing its buy now, pay later service known as Apple Pay Later barely a year after its initial launch in the U.S., and will rely on companies who already dominate ...
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Apple Pay Later was unveiled to select users in March last year, allowing users to split purchases into four payments spread over six weeks with no interest or fees. (Reporting by Juby Babu in ...
Apple Pay Later was unique because Apple needed to create its own bank to offer the loans. The Apple Card is issued by Goldman Sachs, which means Goldman ultimately decides who gets approved and what spending limits are for each customer. Apple has discontinued any new Apple Pay Later loans, but customers who have existing Apple Pay Later loans ...
In June 2024, Apple announced a partnership with Affirm, allowing U.S. users to apply for Affirm's loans through Apple Pay, and subsequently revealed plans to shut down its own "Pay Later" service. [60] [61] [62] According to CNBC, Affirm was slated to "surface" as an option for U.S. Apple Pay users on iPhones and iPads later in the year. [63]
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Yahoo Finance Live speaks with Affirm's founder Max Levchin about the competitive environment for buy now pay later services with Apple entering the space.
The news that Apple would offer its own "buy now, pay later" service splitting any Apple Pay bill into installments hit the fintech lending world like a thunderbolt. The new feature, called Apple ...