Apple Pay Later Is Dead, Thank Goodness
It’s been one week since Apple announced that third-party Buy Now Pay Later (BNPL) services, such as Affirm, will be offered within the Apple Pay platform. Now, Apple says that its in-house BNPL service, called Apple Pay Later, is no longer offering loans. Apple Pay Later launched inmid-2023. It was a fairly typical BNPL service, offering short-term loans with a 0% interest rate and minimal regulatory guardrails. The only thing that made Apple Pay Later stand out from the crowd was its Apple Pay integration—any purchase made with Apple Pay was eligible for an Apple Pay Later loan....