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Apple Ends In-House Buy Now, Pay Later Scheme

Apple recently announced the discontinuation of its in-house buy now, pay later scheme in the US, which was introduced just last year. This decision comes as the technology giant shifts its focus to offering customers payment plans through third-party credit and debit card lenders.

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Existing Borrowers Transition

Existing borrowers will still have the option to manage their payments using Apple’s Wallet app, providing a seamless transition for those currently utilizing the in-house scheme. This change marks a strategic move for Apple, as it steps back from its initial plans to delve into traditional financial services.

Expansion of Payment Options

With the discontinuation of the in-house scheme, Apple Pay Later users in the US can now break up the cost of purchases valued up to $1,000 (£788) into four installments over six weeks without incurring interest or fees. This new approach represents a shift towards collaborating with established financial institutions to offer more diverse payment options to customers.

Apple’s Financial Services Initiative

The in-house buy now, pay later scheme introduced Apple into the realm of providing financial services directly to consumers, bypassing the need for traditional lenders. Through its subsidiary, Apple Financing, the company began issuing loans to customers at a time when borrowing was particularly attractive due to low interest rates in the US.

Collaboration with Financial Institutions

During its recent developer event, Apple revealed partnerships with leading banks such as Citi in the US, HSBC in the UK, and ANZ in Australia to offer installment payment alternatives. These new payment options will be integrated into the upcoming iOS 18 operating system, set to be launched later this year, further expanding the range of payment solutions available to Apple customers.

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