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Apple scraps its Pay Later loan scheme in US

Apple has decided to abandon its "Pay Later" loan program in the United States, signaling a departure from its previous intentions to venture into the realm of traditional financial services. This move comes after the tech giant faced scrutiny and criticism from customers and regulators alike. The Pay Later program was designed to provide customers with an alternative payment method by offering them the option to pay for their purchases in installments over a specific period of time. However, Apple has chosen to discontinue this service due to a variety of reasons. One of the main factors contributing to Apple's decision was the backlash it received from both consumers and regulatory bodies. Many customers raised concerns about the potentially high interest rates associated with the loan program, as well as the potential impact on their credit scores. Additionally, regulatory bodies expressed worry that Apple's foray into financial services could result in increased scrutiny and regulation for the company. Another factor that likely played a role in Apple's retreat was the increasingly crowded and competitive nature of the Buy Now, Pay Later (BNPL) market. Several other companies, such as Klarna and Afterpay, already offer similar services that have gained significant traction among consumers. Apple may have recognized that breaking into this market would require substantial resources and investment, with no guarantee of success. While Apple has decided to scrap its Pay Later loan scheme in the United States, it's worth noting that the program will continue to be available in other countries where it has been introduced. It remains to be seen whether Apple will reassess

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