The technology giant says it will now offer customers payment plans through third-party credit and debit card lenders.The decision marks a retreat for Apple from plans to offer traditional financial services.
Apple Pay Later users in the US could break up the cost of purchases worth up to $1,000 into four instalments over six weeks without having to pay interest or fees. The scheme represented a move into providing financial services, with Apple effectively offering customers loans, instead of resorting to banks and other traditional lenders.It came at a time when US interest rates were close to zero, making both borrowing much more attractive.During its annual developer event last week, Apple announced that it would be partnering with banks , including Citi in the US, HSBC in the UK and ANZ in Australia, to offer instalment payment options.
The new payment options will be made available on its upcoming iOS 18 operating system, which is expected to be released later this year.Apple sales fall in nearly all countries The tech giant says demand for its smartphones fell more than 10% in the first three months of the year.