Apple is stopping its buy now, pay later service in the US, which it started last year. Instead, the company will now offer payment plans through third-party credit and debit card companies.

Current users can still manage their payments through the Apple Wallet app.

This decision means Apple is stepping back from offering its own financial services. With Apple Pay Later, customers could split purchases up to $1,000 into four interest-free payments over six weeks.

Apple provided these loans through its subsidiary, Apple Financing, at a time when US interest rates were very low.

Now, with rising interest rates making borrowing less attractive, Apple is changing its approach. At a recent developer event, Apple said it will partner with banks like Citi in the US, HSBC in the UK, and ANZ in Australia to provide installment payment options.

These new options will be available with the upcoming iOS 18 operating system, expected later this year.

This summary is based on a report from the BBC.

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