CUPERTINO (dpa-AFX) - Apple Inc. has announced that it is no longer offering
Pay Later, its 'buy now, pay later' financing with 0% interest, while it is
introducing new global installment loan offering. The company users, who have an
active loan through Apple Pay Later, can continue to pay their loans using the
Apple Wallet app.

Apple Pay Later was available only in the U.S., while the new installment loan
features will be available in multiple countries across the world.

Apple Pay Later was first introduced at annual Worldwide Developers Conference
or WWDC 2022, while its preview was launched in the U.S. in March 2023. In
October last year, the platform, which allowed users to apply for a loan ranging
from $50 to $1,000, was available generally. The service also allowed customers
to split the purchase amount into four equal payments across six weeks, with no
fees or interest.

Apple reportedly stated that starting later this year, users across the globe
will be able to access installment loans offered through credit and debit cards,
as well as lenders, when checking out with Apple Pay, its mobile payment
service.

'With the introduction of this new global installment loan offering, we will no
longer offer Apple Pay Later in the U.S. Our focus continues to be on providing
our users with access to easy, secure and private payment options with Apple
Pay, and this solution will enable us to bring flexible payments to more users,
in more places across the globe, in collaboration with Apple Pay enabled banks
and lenders,' the firm said.

During last week's WWDC, the company had announced that it would be partnering
with various banks globally for Apple Pay.

According to the company, the ability to redeem rewards for a purchase with
Apple Pay will be available beginning in the U.S. with Discover and Synchrony,
and across Apple Pay issuers with Fiserv.

Further, the ability to access installments from credit and debit cards with
Apple Pay will roll out starting in Australia with ANZ; in Spain with CaixaBank;
in the U.K. with HSBC and Monzo; and in the U.S. with Citi, Synchrony, and
issuers with Fiserv.

Users in the U.S. will also be able to apply for loans directly through Affirm
when they check out with Apple Pay.

With Apple Pay, users will get more flexibility and choices when they check out
online and in-app. They can view and redeem rewards, and access installment loan
offerings from eligible credit or debit cards, when making a purchase online or
in-app with iPhone and iPad.

These features will be available for any Apple Pay-enabled bank or issuer to
integrate in supported markets.
The company also noted then that Apple Pay can be used on any third-party web
browser and computer by simply scanning a code on their iPhone to securely
complete the payment.



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