Apple says it will end "buy now, pay later" service in U.S.

Investing.com -- Apple (NASDAQ:AAPL) has said it will scrap its "buy now, pay later" (BNPL) service in the U.S., bringing an end to the offering only a little over a year after it was first announced.

The California-based group's "Apple Pay Later" allowed users to purchase items in interest-free installments, rather than buying them in one up-front sum. The move, which was initially unveiled last March, was viewed as a push by Apple into a financial services space typically dominated by companies like Klarna and Affirm.

But Apple said it was now focusing on providing access to installment loans through third-party credit, debit cards and lenders. Apple argued that the change, which is expected to come later this year, "will enable us to bring flexible payments to more users, in more places across the globe."

Customers with open loans on Apple's BNPL service will still be able to manage and pay for them via its Wallet app, the company said.