Apple to discontinue ‘buy now, pay later’ service in US as it plans new lending program

(Reuters) – Apple said on Monday it will discontinue its “buy now, pay later” (BNPL) service in the United States as it launches a new lending program.

Users will be able to access installment loans offered through credit, debit and credit cards when checking out with Apple Pay, starting later this year, the company said in a statement.

“This solution will allow us to bring flexible payments to more users, in more places around the world, in collaboration with Apple Pay-enabled banks and lenders,” the company said.

Existing users of the BNPL service, Apple Pay Later, with outstanding loans will still be able to manage and pay them through the Wallet app, the company said.

Apple Pay Later launched to select users in March last year, allowing users to split purchases into four payments spread over six weeks, with no interest or fees.

(Reporting by Juby Babu in Mexico City; Editing by Vijay Kishore)