In a surprising move, technology giant Apple has decided to discontinue its in-house “Pay Later” loan scheme in the United States. Introduced just last year, this scheme allowed Apple Pay Later users to split the cost of purchases worth up to $1,000 into four interest-free instalments over six weeks. However, the company has now shifted its approach, opting to collaborate with third-party credit and debit card lenders for payment plans.
Apple’s decision to end its proprietary Pay Later scheme represents a retreat from its initial plans to offer traditional financial services directly. Instead, it will rely on established financial institutions for payment solutions.
To provide loans under the Pay Later scheme, Apple had set up a new subsidiary called Apple Financing. This move allowed the company to enter the financial services arena, offering loans to customers without involving traditional banks.
The scheme gained popularity when US interest rates were near zero, making borrowing more attractive. However, as central banks raised rates to combat inflation, such payment plans lost their appeal.
During its recent annual developer event, Apple announced partnerships with major banks, including Citi in the US, HSBC in the UK, and ANZ in Australia. These collaborations will enable Apple to offer instalment payment options through its upcoming iOS 18 operating system.
In summary, Apple’s decision to discontinue its Pay Later loan scheme reflects a strategic shift, emphasizing collaboration with established financial players rather than going it alone. As the company adapts to changing economic conditions, users can expect new payment options in the near future.
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