Apple discontinues buy now, pay later loans in the U.S.

• Apple Pay Later, Apple's buy-now-pay-later program launched last year, has been discontinued by the company, as announced on Monday.
• Apple Pay users worldwide will soon have access to installment loans through credit and debit cards, as well as lenders, when making purchases.

Apple Pay Later, the buy-now-pay-later program launched by the company last year, has been stopped from issuing loans by it, as announced on Monday.

Apple has announced that it will begin offering installment loans through third-party companies such as PayPal, as well as through credit and debit cards from issuers such as Citigroup, later this year in its Apple Pay checkout process.

Apple has announced that it will no longer offer Apple Pay Later loans, which allowed customers to purchase products online and pay in four interest-free installments, up to a maximum of $1,000. This decision indicates that not all new fintech products or features launched by Apple are successful or align with the company's overall strategy.

"Apple Pay Later will no longer be available in the U.S. starting later this year, as users worldwide will have access to installment loans offered through credit and debit cards, lenders, and Apple Pay."

Apple announced that users could access installment plans at checkout through other financial intermediaries in more countries than Apple Pay Later, which was only available in the U.S.

Apple emphasized that its main objective with Apple Pay, its contactless and online payment software, is to ensure secure and private transactions. Users with outstanding loans will still be able to utilize Apple Pay Later features to manage and settle their debts, the company stated.

Users could apply for loans through the iPhone Wallet app with Apple Pay Later, which was discontinued, and approved users would see a "Pay Later" option when checking out online.

Apple took a more significant role in the financial backend of its Apple Card product compared to some of its other offerings. Unlike other products, Apple conducted some of its own credit checks and loan decisions for the program. Apple's loans were issued through a wholly-owned subsidiary.