Apple Inc., abruptly stopped offering its buy now, pay later service Apple Pay Later on Monday, saying other installment loan options will be available in the fall.
Apple Inc. pulled the plug on its buy now, pay later service, Apple Pay Later, this week, saying installment loan options from other providers will be available on its Apple Pay platform in the near future.
"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," the iPhone maker said in a statement to 9to5Mac on Monday.
"With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the U.S.," the statement continued.
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"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 also confirmed to the outlet that users with current Apple Pay Later loans are still able to manage and pay their loans through the Apple Wallet app.
The company did not immediately respond to FOX Business' request for comment on its decision to end the service.
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Apple first announced the launch of Apple Pay Later in March 2023, and rolled it out across the U.S. in October, giving customers the ability to split purchases into four separate interest-free payments.
The option was seen as a competitor to other buy now, pay later lenders, including Klarna and Block-owned Afterpay, which have dominated the space.
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FOX Business' Daniella Genovese contributed to this report.
