Apple Pay Later, introduced at WWDC 2022 and launched in March 2023 in the U.S., has been discontinued, but Apple is preparing a successor.
Initially allowing users to split payments into interest-free installments ranging from $75 to $1,000, Apple Pay Later expanded to all U.S. users by October 2023 after a limited rollout. Apple has confirmed to 9to5Mac that while the service is no longer available for new users, existing customers can still manage their remaining balances through the Wallet app.
Moving forward, Apple plans to introduce a new installment loan feature later this year, accessible globally. This upcoming service will integrate with credit and debit cards, as well as partner lenders, offering users more flexibility during checkout with Apple Pay.
Apple emphasized its commitment to providing secure and private payment solutions through Apple Pay, aiming to extend flexible payment options to a broader audience worldwide in collaboration with banks and lenders.
At WWDC this year, Apple unveiled additional payment-related features, including Tap to Cash, enabling users to transfer money by simply holding their phones together. Furthermore, Apple announced a partnership with fintech firm Affirm to provide installment loans for eligible credit and debit card holders. These innovations are set to debut with iOS 18 in the fall, coinciding with the release of new iPhone models.
