Apple (AAPL) is shutting down its Apple Pay Later service, effective immediately, and will instead provide users access to installment loans offered through credit and debit cards and third-party lenders, such as Affirm (AFRM).
The news was first reported late Monday by 9to5Mac. "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," an Apple spokesperson told 9to5Mac. As a result, Apple said it will no longer offer its buy now, pay later (BNPL) service in the U.S.
