Apple declared on Monday that it will be launching a new loan program and discontinuing its “buy now, pay later” (BNPL) service in the US.
On Monday, Apple (AAPL.O) announced that it will be ending its “buy now, pay later” (BNPL) service in the US and introducing a new loan program.
Later this year, users will be able to obtain installment loans provided by credit, debit, and lenders when using Apple Pay to check out, the business announced in a statement.
“This solution will enable us to bring flexible payments to more users in more places across the globe in collaboration with Apple Pay-enabled banks and lenders,” the business stated.
According to the corporation, current BNPL customers of Apple Pay Later will still be able to monitor and pay their open loans using the Wallet app.
In March of last year, Apple Pay Later was made available to a small group of users. It let users divide purchases into four equal payments spaced out over six weeks, all without incurring fees or interest.
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