Apple is ending its in-house buy now, pay later scheme in the US, which it launched just last year.
The technology giant says it will now offer customers payment plans through third-party credit and debit card lenders.
Existing borrowers will be able to continue managing payments using Apple’s Wallet app.
The decision marks a retreat for Apple from plans to offer traditional financial services.
Apple Pay Later users in the US could break up the cost of purchases worth up to $1,000 (£788) into four instalments over six weeks without having to pay interest or fees.
The scheme represented a move into providing financial services, with Apple effectively offering customers loans, instead of resorting to banks and other traditional lenders.
The company used a new subsidiary, Apple Financing, to issue the loans.
It came at a time when US interest rates were close to zero, making both borrowing much more attractive.
However, as central banks put…
