Although this decision could represent a problem for Apple users, the company noted that at the end of 2024, those who wish to access installment payment plans will have access to credit through other financial intermediaries both through credit cards and debit.
“With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the US. Our focus remains on providing our users with access to easy, secure and private payment options. “This solution will allow us to bring flexible payments to more users, in more places around the world, in collaboration with Apple Pay-enabled banks and lenders,” the company said.
Apple loans were provided through a wholly owned subsidiary of Apple; However, the discontinuation of this platform is a demonstration that not all new features or fintech products are going to work.
Apple with presence in the fintech sector
Despite the exit from the lending arena, Apple still has a presence in financial technology. For example, it has the Savings product, which last August exceeded $10 billion in deposits, according to information provided by the company.
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