NEW YORK (NEWSnet/AP) — Apple is discontinuing its buy now, pay later service, known as Apple Pay Later.

It was launched  in March 2023 as a way for iPhone customers to split purchases of up to $1,000 into four payments, with no fees or interest.

The service was Apple’s answer to the popularity of buy-now/pay-later approach.

But Pay Later was available only where Apple Pay is accepted, whereas other companies, such as Affirm and Klarna, already are integrated into millions of merchant websites.

At a developer’s conference this month, Apple said it will begin to allow banks to offer buy-now/pay-later plans to their customers through Apple Pay and Apple Wallet.

Affirm will be integrated directly into Apple Wallet, and Apple customers are able to open an Affirm account directly.

Follow NEWSnet on Facebook and X platform to get our headlines in your social feeds.

Copyright 2024 NEWSnet and The Associated Press. All rights reserved.