Apple Discontinues BNPL Service Amid Regulatory Challenges

Apple Pay Later ends as the company shifts to new global installment loan options through Apple Pay.

Apple Pay Later allowed users to split purchases into four interest-free installments but struggled with delays and limited visibility.
Regulatory scrutiny and the need for more consumer protections contributed to the decision to discontinue the service.
Apple plans to offer new installment loans globally through credit and debit cards linked to Apple Pay.
The shift may benefit BNPL providers like Affirm, which will integrate directly with Apple Pay.
Banks are advised to be cautious in aligning with Apple's new BNPL strategy due to potential risks and technical demands.