Apple Pay Later Is Shutting Down, Report Says

Apple Pay Later Is Shutting Down, Report Says

Two years after that The unveiling And Less than a year After its launch in the US, Apple's Payletter feature is being discontinued, according to a report on Monday 9to5Mac. gave Apple Pay The feature allowed users to take out loans and pay in four installments for purchases ranging from $50 to $1,000.

Service, rendered With support from Mastercard and Goldman Sachs Will be replaced by built-in feature in future. iOS 18 which allows third parties. Buy now, pay later. Lending companies also confirm doing the same, the report said.

Payletter's draw was that it offered these loans with no fees or interest, and could be tracked in Apple Wallet. Apple told the publication that customers with existing Pay Later loans will still be able to pay them off and track them through Wallet. Apple only started providing payment information in March. experiencednot the other two. Credit Bureau.

Apple did not immediately respond to a request for comment, but told 9to5Mac in a statement on Monday that the change will happen later this year (iOS 18 (expiring in September) and these loans will be offered through credit cards, debit cards and lenders when customers pay for an item with Apple Pay.

“We are focused on giving our customers access to convenient, secure and private payment options with Apple Pay, and this solution together with Apple Pay enables us to bring flexible payments to more customers in more places around the world.” will make banks and lenders,” Apple added.

Apple said in it WWDC announcements That in the US, Citigroup, Synchrony Financial and Apple Pay issuers Finserv will be able to use Buy Now, Pay Later loans through Apple Pay software.

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