Overview

• 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.