Apple is discontinuing its in-house buy now, pay later scheme in the US, launched just last year. The tech giant will now offer payment plans through third-party credit and debit card lenders, with existing borrowers continuing to manage payments via Apple's Wallet app.
Initially allowing users to split purchases up to $1,000 into four interest-free installments, Apple's Pay Later marked its foray into financial services, issuing loans via a new subsidiary, Apple Financing.
However, amid rising interest rates, Apple has shifted focus to partnering with banks like Citi, HSBC, and ANZ to provide installment payment options through its iOS 18 operating system, expected later this year.
