Apple announced its intention to shut down Apple Pay Later, its BNPL offering launched in the US last year . Apple will allow existing users with Apple Pay Later loans to manage them via its Wallet app, but no new loans will be offered effective today.

Apple announced plans to introduce installment loan features through Apple Pay last week, allowing users to access installment loans from eligible credit and debit cards in collaboration with partnering banks such as ANZ in Australia, CaixaBank in Spain, HSBC and Monzo in the UK, and Citi in the US. This new feature will be available later this year in several countries, including the US, Australia, Spain, and the UK, to provide more flexible payment options for users globally.     

Analyst QuickTake: Today’s news comes from Affirm and Apple collaborating to allow Apple Pay users to access flexible payment options through Affirm at checkout. Despite the wind-up of Apple Pay Later, the latest embedded flexible payment offering with Affirm and other partner banks such as ANZ, CaixaBank, and HSBC will allow Apple Pay users to access multiple BNPL offerings directly at checkouts worldwide.