Apple is about to end the “buy now, pay later” program it launched in the United States last year.
The tech giant said it will now offer payment plans to customers through third-party credit and debit card lenders.
Existing borrowers will be able to continue to use Apple’s Wallet app to manage payments.
The decision marks Apple’s abandonment of plans to provide traditional financial services.
Apple Pay Later users in the US can pay up to $1,000 (£788) worth of purchases in four installments over six weeks without paying interest or fees.
The program represents a step toward Apple providing financial services, effectively providing loans to customers rather than turning to banks and other traditional lenders.
The company uses a newly formed subsidiary, Apple Financing, to issue loans.
U.S. interest rates were near zero at the time, making borrowing more attractive.
However, the appeal of such programs has gradually diminished as central banks have raised interest rates to combat rising prices.
At its annual developer event last week, Apple announced it would be partnering with banks including Citigroup in the U.S., HSBC in the U.K. and ANZ in Australia to offer installment payment options.
