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In June 2023, Apple introduced a new feature for its financial service Apple Pay, called Apple Pay Later, at its annual developer conference. This feature allowed users to make purchases and pay for them in installments without incurring interest or fees.
Originally, Apple intended to include Apple Pay Later in the iOS 16 update in the fall of 2022. However, due to technical challenges, the launch was delayed. By March 2023, Apple began testing a preview version of Apple Pay Later with select iOS users in the USA. The full launch occurred in October 2023, but just a week after the WWDC 2024 event, Apple announced it would discontinue support for Apple Pay Later.
Apple stated that in 2024, it would introduce a new plan under Apple Pay, allowing iOS device owners to repay loans provided by various banks and credit institutions.
For users who had already utilized Apple Pay Later and have outstanding payments, the option to continue payments through the Apple Wallet app will remain available. While Apple Pay Later was only available in the USA, the new loan repayment plan, scheduled for late 2024, will be accessible in multiple countries, including the USA, the United Kingdom, Australia, and Spain.
