Apple is ending its internal buy now, pay later program in the United States, which it launched last year.
The tech giant says it will now offer its customers payment plans through third-party credit and debit card lenders.
Existing borrowers will be able to continue to manage their payments using Apple’s Wallet app.
This decision marks a withdrawal by Apple from its plan to offer traditional financial services.
Apple Pay Later users in the US could split the cost of purchases worth up to $1,000 (£788) into four installments over six weeks without having to pay any interest or fees.
The program represented a shift toward providing financial services, with Apple actually offering loans to its customers, instead of relying on banks and other traditional lenders.
The company brought in a new subsidiary, Apple Financing, to make the loans.
This occurred at a time when US interest rates were near zero, making both loans much more attractive.
However, as central banks have raised rates to deal with rising prices, these plans have become less attractive.
At its annual developer event last week, Apple announced that it would partner with banks including Citi in the US, HSBC in the UK and ANZ in Australia to offer installment payment options.
The new payment options will be available on its upcoming iOS 18 operating system, which is expected to be released later this year.
