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Apple to Terminate “Buy Now, Pay Later” Service in the U.S.

Apple Inc. (NASDAQ) has announced it will discontinue its “buy now, pay later” (BNPL) service in the United States, ending the program just over a year after its initial launch.

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The service, known as “Apple Pay Later,” was introduced in March of last year. It allowed users to make purchases in interest-free installments rather than paying the full amount upfront. This move was seen as Apple’s foray into the financial services sector, traditionally dominated by companies like Klarna and Affirm.

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However, Apple now plans to shift its focus to providing installment loans through third-party credit and debit cards, as well as other lenders. The company stated that this transition, expected to take place later this year, “will enable us to bring flexible payments to more users, in more places across the globe.”

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Despite the discontinuation of the BNPL service, customers with existing loans will still be able to manage and pay them through the Wallet app, Apple assured.

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