Apple Shuts Down Buy Now, Pay Later Service in the U.S.

Apple is ending its Apple Pay Later service but will still offer users access to installment loans. Here's what you need to know.

Apple Pay logo seen on smartphone with bright pink and green lights blurred in the background
(Image credit: Jaap Arriens/NurPhoto via Getty Images)

Apple (AAPL) is shutting down its Apple Pay Later service, effective immediately, and will instead provide users access to installment loans offered through credit and debit cards and third-party lenders, such as Affirm (AFRM).

The news was first reported late Monday by 9to5Mac. "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," an Apple spokesperson told 9to5Mac. As a result, Apple said it will no longer offer its buy now, pay later (BNPL) service in the U.S. 

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.