Apple Pay Later is getting killed in favor of third-party loan integration
Apple has announced that it will be ending its Apple Pay Later program, roughly one year after it launched it.
Apple has announced that it will be ending its Apple Pay Later program, roughly one year after it launched it.
Stripe now supports Apple Pay Later, which lets customers pay for something up to $1,000 over six weeks.
Apple Pay Later will officially become the first buy now, pay later loan service to have information reflected in Experian credit reports.
Apple Pay Later is Apple's short-term financing solution that spreads payments over six weeks, and it is now available to all eligible users in the United States.
Since its launch in March, Apple Pay Later, despite still being tested with a small user base, has already surpassed competing brands in terms of usage.
Investment firm JP Morgan shares how it believes recent Apple business moves will affect the company in the coming months.
The delayed Apple Pay Later service has begun in the US, with Apple saying it will invite users onto the service which gives them the ability to pay for goods in four installments at 0% interest.
Customers applying for Apple Pay Later will be evaluated based on multiple factors, including their spending history at Apple and what devices they own.
Apple's upcoming Apple Pay Later feature has entered the next level of testing as the Cupertino tech giant expands the service to its retail employees.
Apple has yet to provide any information regarding date that Apple Pay Later will launch, but Apple CEO Tim Cook said that it will be available soon.
Apple Pay Later may not arrive until 2023, a report claims, with technical problems getting in the way of Apple formally launching the installment payment service.
The head of the US Consumer Financial Protection Bureau (CFPB) says the agency has concerns about Apple Pay Later and other Big Tech offerings entering the "buy now, pay later" (BNPL) lending business.
PayPal's improved Pay Monthly service will allow customers to split purchases up to $10,000 into monthly payments over as long as two years.
Apple's handling of Apple Pay Later goes beyond just setting up a subsidiary, with the financial service said to use a customer's Apple ID and associated data to minimize the chance of fraud and losses.
"Apple Financing LLC," has obtained state lending licenses and will operate independently from the main corporate entity to power the newly announced Apple Pay Later service.
Apple's rumored extension to Apple Pay is seen as a potentially lucrative move because of who this type of buy now, pay later facility appeals to.
Rivals to Apple's as yet only rumored pay-later credit addition to Apple Pay have seen their shares drop dramatically.
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