Apple abruptly abandons “buy now, pay later” service amid regulatory scrutiny:
Apple Pay Later discontinued after officials require more consumer protections.
arstechnica.com/tech-policy/2024/06/apple-abruptly-abandons-buy-now-pay-later-service-amid-regulatory-scrutiny/
Photo: arstechnica.com · view article
Key FactsApple Ends BNPL Service Amid Regulatory Concerns
Jun 18, 2024 · Reading time: ~30 sec.
Summary created with AI assistance · Source: arstechnica.com
Summary created with AI assistance · Source: arstechnica.com
- Apple has abruptly halted its 'buy now, pay later' (BNPL) service, Apple Pay Later, which transformed the company into a money lender when it launched in the US last March and gained widespread availability in October.
- It now seems that Apple has discovered an alternative route to offer short-term loans when checking out with Apple Pay. This occurred in anticipation of the company's strategy to introduce new forms of installment loans globally.
- According to an Apple spokesperson who informed 9to5Mac, the termination of Apple Pay Later preceded the company's intention to establish new types of installment loans worldwide. Existing Apple Pay Later loans and purchases remain unaffected and can still be managed through users' wallets.
- Apple unveiled its new installment loan initiative at its recent annual developer event, confirming collaborations with banks, including Citi in the US, to deliver short-term loans as a payment choice in its upcoming iOS 18 operating system.
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artificial intelligence company, owner and operator of ChatGPT, ChatGPT Enterprise and OpenAI’s API tools
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upi.com/Top_News/US/2024/06/18/Apple-Pay-Later-installment-loan-Consumer-Financial-Protection-Bureau/7861718743758/
Apple abruptly abandons “buy now, pay later” service amid regulatory scrutiny: Apple Pay Later discontinued after officials require more consumer protections.
arstechnica.com/tech-policy/2024/06/apple-abruptly-abandons-buy-now-pay-later-service-amid-regulatory-scrutiny/
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Apple discontinues internal BNPL offering: The new OS brings partnership opportunities forward now.
trib.al/GqWaZDo
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Jul 31, 2024 · Reading time: ~30 sec.
Summary created with AI assistance · Source: pcmag.com
Summary created with AI assistance · Source: pcmag.com
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