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Apple kills off its buy now, pay later service service barely a year after launch

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Apple kills off its buy now, pay later service service barely a year after launch
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Apple kills off its buy now, pay later service service barely a year after launch

2024-06-18 22:44 Last Updated At:22:51

NEW YORK (AP) — 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, and considered a sizeable threat to companies like Klarna, Affirm and others.

But Apple Pay Later was only available where Apple Pay was accepted whereas the other buy now, pay later companies had deeply integrated themselves into millions of merchant websites.

In an acknowledgement of how popular buy now, pay later services had become, Apple said at its developer's conference this month that it would start allowing banks to offer buy now, pay later plans to their customers through Apple Pay and Apple Wallet. Affirm would be integrated directly into Apple Wallet, and Apple customers would be able to open an Affirm account directly.

“With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.,” Apple said late Monday. “Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders.”

Apple executives as recently as this month had indicated that the company still had plans for Apple Pay Later despite announcing plans to integrate Affirm directly into Apple Wallet.

Apple Pay Later was unique because Apple needed to create its own bank to offer the loans. The Apple Card is issued by Goldman Sachs, which means Goldman ultimately decides who gets approved and what spending limits are for each customer.

Apple has discontinued any new Apple Pay Later loans, but customers who have existing Apple Pay Later loans will be able to manage them inside Apple Pay.

FILE - An Apple logo adorns the facade of the downtown Brooklyn Apple store on March 14, 2020, in New York. Apple is discontinuing its buy now, pay later service known as Apple Pay Later, barely a year of it being broadly available in the U.S., and instead plans to rely on the larger companies who already dominate the industry like Affirm and Klarna. (AP Photo/Kathy Willens, File)

FILE - An Apple logo adorns the facade of the downtown Brooklyn Apple store on March 14, 2020, in New York. Apple is discontinuing its buy now, pay later service known as Apple Pay Later, barely a year of it being broadly available in the U.S., and instead plans to rely on the larger companies who already dominate the industry like Affirm and Klarna. (AP Photo/Kathy Willens, File)

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Rookie Rece Hinds slams 2 more long homers, Reds beat Marlins 10-6 to win the series

2024-07-14 07:59 Last Updated At:08:01

CINCINNATI (AP) — Rookie Rece Hinds slugged two more long home runs, lifting the Cincinnati Reds to a 10-6 win over the Miami Marlins on Saturday.

The 23-year-old Hinds has five homers and nine extra-base hits since making his major league debut on Monday. Only one of home runs was short of 400 feet — a 397-foot grand slam on Friday night.

That's the most extra base hits by any player in his first six games in major league history.

“I’m just completely locked in,” Hinds said. “I’m hunting one spot and once I get it, I try to capitalize and don’t miss.”

Leading off the third on Saturday, Hinds blasted a 430-foot solo shot into the upper deck in left field. Then, with the Reds holding on to a 7-6 lead in the sixth, he slugged another one out to left, a two-run, 454-foot shot that came off the bat at 112 mph.

“It’s amazing to watch,” Reds manager David Bell said. “To be able to watch somebody in that pure state of playing the game of baseball is a lot of fun. I’m happy for Reese. These are big games for us. He’s contributed in a big way since he’s been here.”

Elly De La Cruz and Jeimer Candelario hit back-to-back homers in the third, and Spencer Steer and Santiago Espinal also went deep for the Reds, who beat the NL's worst team for the second day in a row after taking three out of four from Colorado earlier in the week.

Jake Burger and Josh Bell hit back-to-back homers in the third for the Marlins off Andrew Abbott, who had one of his worst outings of the season. The Reds' lefty allowed five runs and seven hits in 3 1/3 innings. Seven relievers kept the Marlins at bay the rest of the way.

Sam Moll (1-1) got the third out in the fifth inning to pick up the win.

Marlins starter Edward Cabrera (1-3) fared worse. He also lasted just 3 1/3 innings, giving up seven runs and six hits while striking out seven.

Burger had four hits and drove in four, and Bell had two RBIs for Miami. The Marlins out-hit the Reds 15-10 but left 14 runners on base.

“The tough part was that every time we scored, they answered back," Marlins manager Skip Schumaker said. “We didn’t get that shut down inning.”

The Reds, who have dealt with injuries in falling to as many 10 games under .500 this season, have climbed back to two games under .500 and in contention in the NC Central, seven games behind the leader Milwaukee.

“There's a lot to be said for having a good feeling going into the break,” Bell said.

TRAINER'S ROOM

Reds: 2B Jonathan India left the game after the third inning with a left-knee contusion. ... RHP Carson Spiers, who got the win Friday night, was placed on the 15-day injured list with a right-shoulder impingement. ... OF/1B Nick Martini was put on the 60-day injured list after having surgery on his left thumb.

UP NEXT

The Marlins send lefty Trevor Rogers (1-9, 4.82 ERA) against Reds left-hander Nick Lodolo (8-3, 3.30) in the finale of the three-game series and the last before the All-Star break.

AP MLB: https://apnews.com/hub/MLB

Miami Marlins pitcher Edward Cabrera throws during the first inning of a baseball game against the Cincinnati Reds, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Miami Marlins pitcher Edward Cabrera throws during the first inning of a baseball game against the Cincinnati Reds, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Spencer Steer, left, celebrates with third base coach J.R. House (56) as he rounds the bases after hitting a solo home run during the second inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Spencer Steer, left, celebrates with third base coach J.R. House (56) as he rounds the bases after hitting a solo home run during the second inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Miami Marlins' Jake Burger (36) gestures as he rounds the bases after hitting a two-run home run during the third inning of a baseball game against the Cincinnati Reds, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Miami Marlins' Jake Burger (36) gestures as he rounds the bases after hitting a two-run home run during the third inning of a baseball game against the Cincinnati Reds, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds pitcher Andrew Abbott throws during the second inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds pitcher Andrew Abbott throws during the second inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Miami Marlins' Josh Bell gestures as he rounds the bases after hitting a solo home run during the third inning of a baseball game against the Cincinnati Reds, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Miami Marlins' Josh Bell gestures as he rounds the bases after hitting a solo home run during the third inning of a baseball game against the Cincinnati Reds, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Jeimer Candelario (3) celebrates with third base coach J.R. House (56) as he rounds the bases after hitting a solo home run during the third inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Jeimer Candelario (3) celebrates with third base coach J.R. House (56) as he rounds the bases after hitting a solo home run during the third inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Elly De La Cruz gestures as he rounds the bases after hitting a solo home run during the third inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Elly De La Cruz gestures as he rounds the bases after hitting a solo home run during the third inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Rece Hinds, foreground, gestures to the dugout as he rounds the bases after hitting a solo home run during the third inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Rece Hinds, foreground, gestures to the dugout as he rounds the bases after hitting a solo home run during the third inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Rece Hinds (77) celebrates with teammate Will Benson (30) after hitting a solo home run during the third inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

Cincinnati Reds' Rece Hinds (77) celebrates with teammate Will Benson (30) after hitting a solo home run during the third inning of a baseball game against the Miami Marlins, Saturday, July 13, 2024, in Cincinnati. (AP Photo/Jeff Dean)

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