Apple has made the announcement that it would be discontinuing its "Apple Pay Later" buy now pay later (BNPL) service in the US.

In October of last year, the program was introduced in the US and allowed customers to take out "pay later" loans that could be repaid in four installments spread out over six weeks.

Apple is now introducing "installment loans" as a new offering.

The tech giant told the 9to5Mac website, "Starting later this year, users across the globe will be able to access installment loans offered through credit and debit cards, as well as lenders, when checking out with Apple Pay."

The business declared that it will no longer be offering Apple Pay Later in the US as a result of the launch of this new worldwide installment loan program.

Alongside the introduction of iOS 16, Apple Pay Later was revealed.

In partnership with banks and lenders that accept Apple Pay, the iPhone manufacturer stated, "Our focus continues to be on providing our users with access to easy, secure, and private payment options with Apple Pay. This solution will enable us to bring flexible payments to more users, in more places across the globe."

Apple Pay Later "is no longer offering new loans," but "existing Apple Pay Later loans and purchases are not affected," per a support document.