Apple has recently announced the discontinuation of its ‘Apple Pay Later’ service, which was introduced in the US last year. This “buy now, pay later” feature allowed users to take loans on purchases ranging from $50 to $1,000, payable over six weeks in four installments. Unfortunately, this service is no longer supported by Apple.

Although Apple Pay Later never made its way to Canada, the tech giant is shifting its focus towards enhancing Apple Pay with new features. Instead of region-specific offerings, Apple will be rolling out global features for all users. These upcoming features will enable users to access installment loan offers from eligible credit or debit cards and Affirm. Expect these new built-in features to launch later this year alongside iOS 18.

According to a statement provided to 9to5Mac, Apple stated that starting later this year, users worldwide will have access to installment loans through credit and debit cards as well as lenders when using Apple Pay for transactions. This global installment loan offering marks the end of Apple Pay Later in the US. The company aims to provide users with secure and convenient payment options through Apple Pay while expanding flexible payment solutions globally in collaboration with banks and lenders.

For existing users in the US with ongoing Apple Pay Later loans, they will still be able to manage and repay their loans using the Apple Wallet app. However, no new loans can be initiated for future purchases. It’s worth noting that these loans were supported by Apple in partnership with Mastercard and Goldman Sachs.

Stay tuned for more updates on the evolution of Apple Pay as it continues to innovate and provide convenient payment solutions for users worldwide.