PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Apple Shuts Down In-House BNPL Service

By Wesley Grant
June 18, 2024
in Buy Now, Pay Later, Mobile Payments, News
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
apple bnpl

Apple will no longer offer Apple Pay Later, its buy now, pay later service launched last fall, which allowed Apple Pay users to split transactions of $1,000 or less into four interest-free payments.

The announcement follows news that Apple will integrate BNPL programs from Affirm and others into Apple Pay in its upcoming fall iOS update. The tech giant made this move away partly due to Apple Pay Later’s limited scope; the BNPL service was only available to U.S. users.

Like a Credit Card

It’s not immediately clear if Apple shut down its BNPL operations because of recent actions by the Consumer Financial Protection Bureau. The CFPB recently issued an interpretive rule stating that BNPL services should be regulated like credit cards. This means providers must issue monthly statements, disclose fees, and handle disputes like a credit card company.

Another reason Apple likely moved away from BNPL is the company was handling all of Apple Pay Later’s financial operations in-house. It was conducting credit checks and loan decisions through a wholly-owned subsidiary.

Ceding Ground

Apple Pay Later put Apple in direct competition with BNPL-first companies like Klarna and Affirm, which offer a much wider array of loans. Apple’s shift away from BNPL is one of the rare times the company has ceded ground in its fintech aspirations.

In its upcoming update, in addition to leveraging BNPL plans from other providers, Apple will also integrate Google Chrome and Windows support into Apple Pay to expand its customer base beyond iPhone users.

Though the issuance of new Apple Pay Later loans will be discontinued immediately, users with open loans will still have access to the program until their loans are paid off.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: AffirmAppleApple PayApple Pay LaterBuy Now Pay Later

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Consumer-Engaged Fraud

    Sorting the Scams: The Many Faces of Consumer-Engaged Fraud

    July 31, 2025
    fraud disputes

    Turning Fraud Disputes Into a Win for Banks

    July 30, 2025
    card data

    Unlocking Profit: How Data Mining Transforms Card Portfolio Strategies

    July 29, 2025
    Japan, Among Several Other Nations, Considers CBDC Launch, central bank digital currency

    What a CBDC Ban Means for the Digital Assets Industry

    July 28, 2025
    amazon return fraud

    Amazon Takes on Returns Fraud

    July 25, 2025
    biometric merchant

    Biometric Payments Pilots Are Picking Up, But U.S. Adoption Is Years Away

    July 24, 2025
    ai credit card

    Smart Cards: How AI Is Changing the Credit Industry

    July 23, 2025
    accounts payable

    A Fragmented Accounts Payable Process Is a Liability in More Ways Than One

    July 22, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result