Apple has discontinued its Apple Pay Later service, which was launched with fanfare in March 2023. The service allowed iPhone customers to split purchases of up to $1,000 into four equal payments with no fees or interest. The decision to end the service reflects broader challenges in the buy now, pay later (BNPL) market. The discontinuation raises questions about the future of payment systems and whether traditional layaway plans might make a comeback.
Today's Update: - Apple Discontinues Apple Pay Later - A Limit to Apple’s Fintech Ambition - Apple’s Predicament https://t.co/8anqQtYPoy
Will Buy-Now-Pay-Later be Too Easy in #iOS 18? Are Consumers at Risk? https://t.co/xuJMcVF2xx https://t.co/g5X3wRC8cw
The future of payments is not just in fintech…. But in embedded finance, argues @marqeta's @Simonkhalaf. Khalaf suggests that as more companies like Target and Macy's generate more of their profits from financial services, the term "fintech" may become obsolete, replaced by… https://t.co/QbVL5XWiRB
Apple killed BNPL (buy now pay later). This requires a blooming work economy, not a blooming asset economy. I think it’s going to plummet further. Will layaway (aka: pay now, buy later) come back?
Apple Pay Later launched with fanfare in March 2023 as a way for iPhone customers to split purchases of up to $1,000 into four equal payments with no fees or interest. https://t.co/lN9ziDmcqw