O'Grady's PowerPage

Category: Apple Pay Later

  • Apple discontinues Apple Pay Later program, looks to add new financial options under iOS 18

    Apple discontinues Apple Pay Later program, looks to add new financial options under iOS 18

    Financial tools always shift, and a loan is just another form of paying later.

    Apple on Monday announced plans to discontinue its Apple Pay Later program, which launched in October 2023. The program ended on Monday, though customers who have existing ‌Apple Pay‌ Later loans will be able to continue to pay them off and manage them through the Wallet app.

    Apple offered the following comment as to the change:

    “Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay. With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S. 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.”

    ‌The Apple Pay Later program launched last October and was only available in the United States, but had been available in a testing capacity since March 2023. The program was available in the Wallet App, and allowed customers to split a purchase made with ‌Apple Pay‌ into four equal payments over a six-week period, with no interest or fees. ‌Apple Pay‌ Later was available on purchases made on an iOS device using ‌Apple Pay‌, and was limited to merchandise priced between $75 and $1,000. Each purchase required a separate loan application and approval.

    Apple has yet to provide a specific reason as to why it is discontinuing the Apple Pay Later program, but given its decision to end its partnership with Goldman Sachs, the company that handles the Apple Card, the Apple Savings account, and ‌Apple Pay‌ Later, ending ‌Apple Pay‌ Later means that Apple does not need to worry about replacing that functionality with a future partner.

    Apple has announced that iOS 18 will allow users to access installment financing options from their bank when using Apple Pay, which will replace the Apple Pay Later program. Apple Pay‌ will also gain support for viewing rewards or points balances in Wallet and redeeming them with purchases.

    Stay tuned for additional details as they become available.

    Via MacRumors and 9to5Mac

  • Apple releases iOS 17.4, iPadOS 17.4 updates, begins to transition towards significant EU policy, gaming app changes and more

    Apple releases iOS 17.4, iPadOS 17.4 updates, begins to transition towards significant EU policy, gaming app changes and more

    Apple on Tuesday released both its iOS 17.4 and iPadOS 17.4 updates, the fourth major update to each of its mobile operating systems.

    The updates include the following major fixes and changes, which also affect App Store and app functionality in the European Union, forthcoming support for alternative app marketplaces, alternative payment systems on iOS and iPadOS, third-party browser engine support, and NFC access for banks and third-party payment providers. These features are limited to the EU, and the changes are not applicable in other countries.

    Apple also included significant worldwide changes to gaming apps, and Apple is now allowing cloud gaming apps like Xbox Cloud Gaming and Nvidia GeForce NOW. Mini games, chatbots, and plug-ins are also now able to use the in-app purchase system.

    The full list of changes is as follows:

    Emoji:

    • New mushroom, phoenix, lime, broken chain, and shaking heads emoji are now available in the emoji keyboard
    • 18 people and body emoji add the option to face them in either direction

    Apple Podcasts:

    • Transcripts let you follow an episode with text that highlights in sync with the audio in English, Spanish, French and German
    • Episode text can be read in full, searched for a word or phrase, tapped to play from a specific point and used with accessibility features such as Text Size, Increase Contrast, and VoiceOver

    This update includes the following enhancements and bug fixes:

    • Music recognition lets you add songs you have identified to your Apple Music Playlists and Library, as well as Apple Music Classical
    • Siri has a new option to announce messages you receive in any supported language
    • Stolen Device Protection supports the option for increased security in all locations
    • Battery Health in Settings shows battery cycle count, manufacture date, and first use on iPhone 15 and iPhone 15 Pro models
    • Call Identification displays Apple-verified business name, logo, and department name when available
    • Business updates in Messages for Business provide trusted information for order status, flight notifications, fraud alerts or other transactions you opt into
    • Apple Cash virtual card numbers enable you to pay with Apple Cash at merchants that don’t yet accept Apple Pay by typing in your number from Wallet or using Safari AutoFill
    • Fixes an issue where contact pictures are blank in Find My
    • Fixes an issue for Dual SIM users where the phone number changes from primary to secondary and is visible to a group they have messaged
      Some features may not be available for all regions or on all Apple devices. For information on the security content of Apple software updates, please visit this website: https://support.apple.com/kb/HT201222

    Apps in the EU:
    Residents of the European Union will now have new options to:

    • Install apps from alternative app marketplaces
    • Install web browser with alternative browser engines
    • Manage your default web browser the first time you open Safari
    • Use alternative payment options for apps in the App Store with the external purchases badge
    • Some options require developer support

    Note that Apple’s release notes in the United States do not highlight the changes in the European Union, but the update does now allow for alternative app marketplaces to be installed on iPhones in Europe. Users in Europe will see different release notes that include details on Apple’s app ecosystem updates.

    iOS 17.4 and iPadOS 17.4 can be downloaded on eligible iPhones and iPads over-the-air by going to Settings > General > Software Update.

    If you’ve tried either of the updates, please let us know about your experience in the comments.

    Via MacRumors

  • Apple and Goldman Sachs to dissolve Apple Card financial relationship in 12 to 15 months

    Apple and Goldman Sachs to dissolve Apple Card financial relationship in 12 to 15 months

    Sometimes incredibly complex premium credit card banking and finance deals don’t work out in the long run.

    Per the Wall Street Journal, Apple will be ending its Apple Card credit card partnership with Goldman Sachs within the next 12 to 15 months.

    It’s unknown as to whether Apple has established a new partnership for the Apple Card.

    Apple and Goldman Sachs will dissolve their entire consumer partnership, including the ‌Apple Card‌ and the Apple Savings account. Apple in a statement that was provided to CNBC said that it will continue to provide “the best tools and services” for ‌Apple Card‌ customers.

    A series of rumors from earlier this year suggested that Goldman Sachs wanted to leave the relationship with Apple as part of its plan to cut back on its consumer business. Goldman Sachs at the time was said to be speaking with American Express about a possible takeover, but the ‌Apple Card‌ needs to run on the Mastercard network until 2026 due to a deal established between Apple and Goldman Sachs. Amex also had concerns about aspects of the program such as loan loss rates due to Apple’s push to have customers approved, so the status of the talks is not known.

    It’s also been rumored that Synchrony Financial, known as the largest issuer of store credit cards, has considered taking over the ‌Apple Card.

    Goldman Sachs and Apple have worked together on financing and backing the Apple Card since its 2019 launch and also teamed up for the high-yield Apple Savings account as well as the Apple Pay Later feature. It was noted that Goldman Sachs ran into customer service issues due to long wait times for disputed ‌Apple Card‌ transactions and issues with the Apple Savings account.

    The U.S. Consumer Financial Protection Bureau launched an investigation into Goldman Sachs due to customer complaints, leading to tension with Apple. Apple is unhappy with the customer service reputation of its ‌Apple Card‌ and Apple Savings products, while some Goldman Sachs executives blame Apple for the regulatory scrutiny.

    At the time the Apple Card was launched, Goldman Sachs was new to consumer banking, and within its deal with Apple, forewent collecting fees that many credit card issuers typically receive. The bank does not receive a cut of the fee that merchants pay to Apple to accept the Apple Card, nor is it able to collect annual fees, late fees, or foreign transaction fees. Goldman Sachs does earn money from loans issued to cardholders who split Apple purchases into installments. It’s currently unknown as to whether Apple will be able to establish a similar deal with another issuer because of the limited revenue the ‌Apple Card‌ provides.

    Stay tuned for additional details as they become available.

    Via MacRumors, The Wall Street Journal, and CNBC

  • Rumor: Apple retail locations to begin home delivery service soon

    Rumor: Apple retail locations to begin home delivery service soon

    Apple is apparently on the verge of offering home delivery from its retail locations.

    According to Bloomberg, Apple is gearing up to offer a new option wherein Apple retail store locations will offer the option to make sales with home delivery as opposed to the customer carrying the product home.

    Mark Gurman has stated that the new EasyPay Online Ordering program will be available to stores in August. The move to offering home delivery shipments in-store may signal a larger strategy shift.

    Prior to this, Apple Store locations would merely be able to recommend that customers make their purchases online, or employees would help customers fill out orders on Apple’s website. The new official program will mean home shipping will be directly integrated into the Apple retail EasyPay terminals.

    Should Apple move to more of a home delivery model, it might be able to dedicate less back-room space to holding the stock as well as offer a convenient purchase and delivery method, especially where bulky systems are concerned.

    Gurman also speculated that shipped orders may also play a role in the rollout of Vision Pro. With thousands of combinations of accessories for Vision Pro, such as the headband and light seals each fitted to each user’s head size, it is unlikely that Apple stores will be able to have everything in stock. With shipping delivery as a supported option, Apple Stores will still be able to complete Vision Pro sales, even if they don’t have all parts in stock at the same time.

    Stay tuned for additional details as they become available.

    Via 9to5Mac and Bloomberg