Investing.com – Apple (NASDAQ:) said it would end its buy now, pay later (BNPL) service in the United States, ending the offering just over a year after it was first announced.
The California group’s Apple Pay Later program allowed users to purchase items in interest-free installments rather than purchasing them in one lump sum up front. The move, which was originally announced last March, was seen as Apple’s push into the financial services space typically dominated by companies like Klarna and Affirm.
But Apple said it is now focused on providing access to installment loans through third-party credit and debit cards and lenders. Apple says the change, expected to happen later this year, “will allow us to bring flexible payments to more users, in more places around the world.”
Customers with open credits on Apple’s BNPL service will still be able to manage and pay for them through the Wallet app, the company said.