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Apple stops offering buy now, pay later loans in U.S. (www.cnbc.com)

submitted 4 months ago by return2ozma@lemmy.world to c/technology@lemmy.world

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[–] db2@lemmy.world 40 points 4 months ago (1 children)

The discontinuation is a sign that not every new fintech feature or product that Apple launches becomes a success or fits in with the iPhone maker’s overall strategy.

What a load of bullshit. The real reason is that they would be held to the standards of any other credit agency and they didn't want to open their books to the required scrutiny.

[–] meeker@lemmy.world 9 points 4 months ago (1 children)

Their credit card is already covered by the regular state and federal oversight institutions and rules. In fact, buy now pay later services are very loosely regulated hence why so many have popped up over the past couple years.

besides the service likely not being used much, their reason for discontinuing is because they’re allowing other financial institutions to offer BNPL services and things like pay over time credit card offers this fall.

[–] db2@lemmy.world 13 points 4 months ago

Their credit card is basically a branded MasterCard administered by Goldman Sachs. It isn't in house like their bnpl.