The famed 'buy now, pay later' experience from Apple will shut down later this year because of the company's newly introduced features that extend the experience to the world. The good thing is that Apple Pay Later users who still have existing loans on their accounts will be given a chance to manage their payments and settle them later than the shutdown.

It is widely known that when Apple Pay Later launched, it was an iconic feature. It allowed users to enjoy their items or services now and worry about paying later with no interest.

Apple Pay Later Shutting Down, New Features Coming

An Apple spokesperson released a new statement (via Bloomberg) that confirms that Apple Pay Later in the US is shutting down later this year. This is because there are new features to experience coming soon and new offers via iOS 18, which opens up more payment options via Apple Pay and expands the feature. 

Additionally, the latest announcement centers on new global access to installment loans available on credit and debit cards, lenders, and via the Apple Pay checkout. 

However, this expansion of Apple's payment options and methods meant that the Pay Later program would bid its farewell instead of expanding to provide a global experience.

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Apple Pay Later Existing Loans: Continue Payment

For users who still have existing loans or items to pay on Apple Pay Later, the Cupertino giant said that it is still available to manage via the Wallet app, and its shutdown would not change anything. The installment process for four equal-valued purchases split in six weeks of payment will still be observed for $50 to $1,000.

Apple Pay and What It Offers For All

Apple Pay has been a significant feature for all iPhones and Apple Watch for physical transactions, but also available on the iPad and Mac for on-device purchases. It was only last October when Apple fully launched Apple Pay Later to US iPhone users, and it allowed them to enjoy the flexible installment program for users, payable in six weeks without interest.

Last year was massive for Apple Pay as it introduced different fintech experiences for its users, more than the buy now, pay later feature. This is because this was also the first time that Apple launched Apple Card Savings, which offers a similar 'digital bank' experience, offering a massive interest rate for all deposits. Its debut saw $1 billion in deposits in its first four days.

The renowned fintech features from Apple and Goldman Sachs have been a stellar experience for users in different kinds of transactions. Apple Pay Later only requires one's iPhone to tap on NFC terminals for all purchases. Apple Pay Later is shutting down, but for the better, as Cupertino will soon launch a global installment program for more people to enjoy; it promises a more significant experience for the world. 

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