image credit: apple
Apple announced on Monday that it will cease its “buy now, pay later” service in the United States as part of a new lending program.
Beginning later this year, users will be able to use Apple Pay to obtain installment loans offered by credit, debit cards, and lenders.
“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.
Existing users of the BNPL service, Apple Pay Later, who have open loans can still manage and pay them using the Wallet app, according to the business.
Apple Pay Later was introduced to a restricted group of users in March of last year, allowing them to divide purchases into four installments spread over six weeks with no interest or penalties.
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