Apple has announced it is discontinuing its buy now, pay later (BNPL) offering in the US, in favour of a new instalment loan service set to launch “later this year.”
The decision comes just 15 months after the technology giant first introduced Apple Pay Later in the U.S., allowing users to borrow between $50 and $1,000 and repay the loan in four instalments over six weeks.
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Now, the technology giant is now shifting its focus in consumer lending toward an instalment loan offering, planning to implement it through a series of global partnerships, with companies including Monzo, Citi and HSBC. 
Other global brands include CaixaBank, ANZ, Synchrony, Affirm and Fiserv.
Apple revealed although the option is no longer available for new users, those with existing loans will not be affected.
In a statement, Apple said: “Starting later this year, users across the globe can access instalment loans offered through credit and debit cards, as well as lenders when checking out with Apple Pay. With the introduction of this new global instalment loan offering, we will no longer offer Apple Pay Later in the U.S.
“Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and 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.”
