by Dan Moren

June 17, 2024 12:18 PM PT

Apple Pay Later where later means never

Chance Miller at 9to5Mac reports that Apple has shelved its “buy now pay later” feature:

The change goes into effect starting today, Apple says. Existing users with open Apple Pay Later loans will still be able to manage them via the Wallet app.

In its place, Apple is focusing on new features coming globally to Apple Pay later this year, including the ability to access installment loan offerings from eligible credit or debit cards, as well as Affirm.

Miller has a full statement from Apple in his piece, but what I wondered was whether this was the fastest a feature had been shipped and then canceled. The feature was first announced in March 2023, meaning it’s been around for just fifteen months.

It seems likely this feature was not much used, especially since it competes with lots of other similar (and more well established) features. Also worth noting, the loans were backed by Apple itself, via a subsidiary called Apple Financing, LLC—which at the time seemed to only handle this “buy now pay later” feature.¹

Apple also recently announced during its WWDC keynote that it will incorporate loyalty/reward programs into Apple Pay as well as installment programs through your own bank. Perhaps the writing was on the wall at this point.

In any case, while Apple may have fancied itself a more reasonable purveyor of this particular service, I also can’t fault them for perhaps not wanting to be in a business that can feel a bit troublesome.