Share to Facebook Share to Twitter Share to Linkedin Apple Kills Off Its Buy Now, Pay Later Service Barely a Year After Launch Apple is discontinuing its buy now, pay later service known as Apple Pay Later barely a year after its initial launch in the U.S., and will rely on companies who already dominate the industry like Affirm and Klarna.
It’s an acknowledgement from a company known for producing hit products that building a financial services business from scratch as Apple has been doing for several years is difficult and highly competitive. Apple Pay Later launched with fanfare in March 2023 as a way for iPhone customers to split purchases of up to $1,000 into four equal payments with no fees or interest. The service was Apple’s answer to the growing popularity of buy now, pay later services globally.
[ Associated Press ] Apple is discontinuing its Buy Now, Pay Later service Credit Card Delinquencies Are Up Year-Over-Year, But That’s Not the Whole Story Retail sales numbers came in a bit lower than expected yesterday, with consumer spending inching up just 0.1% from April to May. It’s another sign that consumers are starting to feel the strain of sustained higher prices.
Many consumers have been keeping their shopping habits up by relying on credit cards, perhaps a bit too much. Economists have been warning for months now about the rise in credit card delinquencies. Wealthier consumers are paying off cards and paying down credit card debt , boosting their scores.
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