Apple Ending Its Pay Later Loan Scheme

Apple is ending its in-house buy now, pay later scheme in the US, which it launched just last year.

The technology giant says it will now offer customers payment plans through third-party credit and debit card lenders.

Existing borrowers will be able to continue managing payments using Apple’s Wallet app.

The decision marks a retreat for Apple from plans to offer traditional financial services.

Apple Pay Later users in the US could break up the cost of purchases worth up to 1-thousand US dollars into four instalments over six weeks without having to pay interest or fees.