Apple discontinued its proprietary Apple Pay Later service in June 2024 to shift strategy toward supporting third-party Buy Now, Pay Later (BNPL) lenders directly within Apple Pay, rather than financing loans in-house. This move, effective for new loans, allows Apple to offer broader global support for installments via partners like Affirm and Citi, reducing its direct credit risk.
“Apple's decision to discontinue APL is about offloading risk onto Affirm while giving its customers further flexibility of payment.” Still, Apple's move to exit BNPL may not be without cautionary elements.
Winegarten said the scrapping of Apple Pay Later comes as no surprise when thinking about the amount of regulation, licensing and compliance hurdles that would need to be worked through in each country.
Most Popular Apple Pay Later Alternatives
With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S. Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in ...
You'll have a card from the installment provider in the Wallet app for you to use for future eligible Apple Pay purchases. To apply for and use additional pay later options in the Wallet app, open the Wallet app, tap the Add Card button , then tap Pay Later Options and follow the prompts to apply.
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According to Apple, Apple Financing uses Experian and other credit bureaus to evaluate your Apple Pay Later application. If your credit score is low — for example, if your FICO score is less than 620 — Apple Financing might not approve your application.
Potential Fees and Interest
If you stop making payments altogether, buy now, pay later services can turn your account over to a collection agency. Besides accruing more fees and interest during this timeframe, your credit score could also suffer.
In February 2023, Affirm announced it would lay off 19 percent of its workforce as part of a restructuring plan and shut down its crypto unit.
Even if Apple doesn't charge fees for missed payments, your bank will still charge you overdraft fees. Plus, if you default on a BNPL loan, you're at risk of damaging your credit score.
User reports indicate no current problems at Apple Pay.
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Positive Impact: If you consistently repay BNPL loans on time, your score could improve—especially if you have a limited credit history. Negative Impact: Missed or late payments will now be reported and can lower your score, just like traditional credit card or loan defaults.
ICICI Bank will discontinue its PayLater service, a credit line on UPI. Customers must repay outstanding amounts by the due date to avoid penalties. Auto Pay transactions linked to PayLater accounts will be disabled, requiring users to update their payment methods for uninterrupted services.
This decision is a reflection of Apple shifting strategy away from owning and servicing installment loans, and toward elevating Apple Pay as a digital payment platform.
Your account may be restricted if your identity verification fails multiple times, if there are multiple accounts tied to the same social security number, or if there's suspected fraud on the account.
Check that you're able to use Apple Pay: Contact your card issuer to see if they support Apple Pay. Update to the latest version of iOS, iPadOS, watchOS, macOS, or visionOS. Confirm that you have Face ID, Touch ID, Optic ID, or a passcode set on your device.